Iowa’s Wellmark Announces Departure From Health Law Marketplaces In 2018
Wellmark Blue Cross and Blue Shield said it had lost $90 million over the past three years of providing coverage on the exchanges and individually, despite aggressively raising its rates. The move is the latest sign of instability in the health law marketplaces.
The New York Times:
Iowa’s Largest Insurer Says It Will Withdraw From Obamacare Exchanges
In the latest move by insurers worried about the viability of the markets created under the federal health care law, Iowa’s major carrier said Monday that it would stop selling individual policies in the state next year. In a statement, the insurer, Wellmark Blue Cross and Blue Shield, which is based in Des Moines, blamed its decision to withdraw in 2018 on what it said was the high cost of covering people under the Affordable Care Act. (Abelson, 4/3)
The Hill:
Wellmark To Leave Iowa's ObamaCare Markets In 2018
Wellmark said in a statement that it has lost $90 million in the ObamaCare markets in three years and its customers have "endured double-digit premium increases." “Finding solutions to stabilize this market is in the best interest of all Iowans, including providers of health care and insurance carriers,” Wellmark Chairman and CEO John Forsyth said in a statement. “No one really benefits from rising costs. While there are many potential solutions, the timing and relative impact of those solutions is currently unclear. This makes it difficult to establish plans for 2018.” (Hellmann, 4/3)
Des Moines Register:
Wellmark To Halt Sales Of Individual Health Insurance Policies
Wellmark Blue Cross & Blue Shield’s decision means more than 21,000 Iowans who bought health insurance policies from the company in the past three years will need to find another carrier — and it’s not clear all of those people will have another choice. (Leys, 4/3)
Minnesota Public Radio:
Minnesota Health Plans Claim Massive 2016 Losses
Minnesota's major health insurance companies said Monday their combined 2016 operating losses totaled $687 million. (Zdechlik, 4/3)
