Giving Up Hope On Federal Help, N.C. Insurer Seeks 23 Percent Price Hike For Next Year
The Blue Cross and Blue Shield of North Carolina announcement came the day after Blue Cross and Blue Shield of Kansas City said it will leave the individual insurance market next year.
The Associated Press:
Insurers Continue To Hike Prices, Abandon ACA Markets
People shopping for insurance through the Affordable Care Act in yet more regions could face higher prices and fewer choices next year as insurance companies lay out their early plans for 2018. Blue Cross and Blue Shield of North Carolina is asking regulators for a 23 percent price hike next year because it doesn’t expect crucial payments from the federal government to continue. That announcement comes a day after Blue Cross and Blue Shield of Kansas City said it will leave the individual insurance market next year, a decision that affects about 67,000 people in a 32-county area in Kansas and Missouri. (Murphy, 5/25)
The Hill:
NC Health Insurer Cites Lack Of Certainty For 23 Percent Rate Increase Request
North Carolina's largest health insurer is requesting a nearly 23 percent rate increase for its ObamaCare exchange plans for 2018, citing uncertainty over the future of the law. BlueCross BlueShield of North Carolina requested an average rate increase of 22.9 percent for coverage purchased on and off the exchanges. The company said in a statement that while it felt the increase was too steep, it was necessary due to the assumption that federal cost sharing reduction (CSR) subsidies won't be made next year. (Weixel, 5/25)
Kansas City Star:
Former BlueKC CEO On Company's Obamacare Exchange Exit
As a not-for-profit insurer, Blue KC doesn’t pay dividends to shareholders. Rather, if income exceeds expenses, the profits are put in reserve to offset losses in future periods. According to current Blue KC CEO Danette Wilson, the recent losses were unsustainable, and sticking with the exchange no longer was a viable option. (Stafford, 5/25)
