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Another Blue Cross Blue Shield Insurer Announces $400 Million Loss

Blue Cross Blue Shield of North Carolina has reported that it too has paid out more than $400 million in claims than it brought in via premiums in 2014 and 2015.
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Blue Cross Blue Shield of North Carolina has reported that it too has paid out more than $400 million in claims than it brought in via premiums in 2014 and 2015.

The number is similar to what Blue Cross Blue Shield of Texas lost in 2014 alone, a $400 million dip that spurred the state’s largest insurer to yank all PPO plans from the marketplace. Becker’s Hospital Review notes that BCBSNC boosted its rates by 32.5 percent for 2016 as a result of the losses. It also says it eliminated commissions for agents selling policies from the federal marketplaces and has stopped advertising the Affordable Care Act plans.

Too, the losses are not going away. In 2014, it totaled $123 million, according to The News and Observer. That number was despite $343 million from financial aid programs written into the legislation. The company is so sure of its 2015 numbers—which are not available until later this month—that it feels safe announcing the $400 million loss. Like Texas, BCBS North Carolina is the only insurer to offer plans in every one of the state’s counties.

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