Well, color me shocked
(Winston Salem Journal) North Carolina’s largest health insurer is considering dropping coverage under the Affordable Care Act.
The News & Observer of Raleigh reported that Blue Cross and Blue Shield expects to report its second consecutive financial loss as it deals with cost overruns.
CEO Brad Wilson said Wednesday the company cannot continue to suffer losses indefinitely in North Carolina. Wilson said the company may have to decide later this year whether to stop offering coverage under the Affordable Care Act.
The company raised rates by nearly one third this year but says it was not enough to cover losses.
This is on top of United Healthcare announcing in November 2015 that they were considering the same, and would pretty much leave Aetna as the only ACA provider left.
I was listening to local talk radio this morning on this, and the doctor they had on said this was caused by a flaw in Ocare. I disagree: it’s a feature. We had this discussion as Ocare was being considered, and right after it was passed and we could see the whole thing, and driving insurance companies out of business, as well as out of the Exchanges, is purposeful, as the government could now say ” well, listen, we tried it the free market way, look what happens, we need government to directly provide the insurance.” This is all a step towards single payer.