Part 7:
After the success of Blue Cross and Blue Shield, the market continued to mature and the need for health insurance increased. This demand for health insurance also nurtured the advance in technology. Blue Cross and Blue Shield were the first to make the jump off into the health insurance market. After witnessing their success, commercial health insurance companies began to move rapidly into the health insurance market without pause.
The success of commercial companies was due in part to two indelible factors. The competitiveness of Blue Cross and Blue Shield was limited due to their non-profit status and since commercial companies were not considered non-profit, they did not have to adhere to the same rates. Thus, they could offer relatively lower premiums than Blue Cross and Blue Shield plans, and gain their business.
The end result helped cement the commercial health insurance business boom.
To be continued.
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