Health insurers’ earnings plunge for 2d quarter
Firms cite effort to keep premiums low
Massachusetts health insurers, under sustained pressure from small business customers and the Patrick administration to hold down premium increases, Wednesday posted sharply lower earnings for the second quarter compared with the same period a year ago. Net income in the three months ending June 30 plunged 49.9 percent at the state’s largest health insurance company, Blue Cross Blue Shield of Massachusetts. The drop was even steeper for the state’s other major health plans — 56.3 percent at Harvard Pilgrim Health Care, 93.6 percent at Tufts Health Plan, and 68.4 percent at Fallon Community Health Plan.