February 9, 2010

President Barack Obama is again criticizing a rate hike by a health insurance company in California -- and he says unless Congress takes action on health care, it'll be "just a preview of coming attractions."

It's the second time this week that President Obama is attacking the rate hike planned by Anthem Blue Cross. California's largest for-profit health insurer says it plans to boost premiums on individual policies by as much as 39%.

In a statement yesterday, Anthem blamed the weak economy and rising health care costs for the rate hike.

President Obama says it's a move that could be seen by more Americans unless there's health care reform.

California's insurance commissioner is investigating. He's hired an outside actuary to determine whether Anthem is abiding by state regulations and spending at least 70% of premium dollars on medical care as opposed to administrative costs.