If you like your plan, you can keep your plan … until you can’t:
About 35,000 New Mexicans will have to find new insurance after BCBS pulls out of state exchange – http://t.co/WV1zfAlHXm
— Reid Wilson (@PoliticsReid) August 27, 2015
Now let’s take a look at why. BCBSNM was losing a ton of money on Obamacare:
Company President Kurt Shipley announced the move Wednesday in a letter to individual customers that was also posted on the insurer’s website, www.bcbsnm.com.
The letter said Blue Cross Blue Shield of New Mexico lost $19.2 million in 2015 on the 35,000 individuals covered by plans they purchased on and off the exchange.
And the state wouldn’t let them raise rates to cover the true cost of the insurance:
“We were unable to reach an agreement with the Office of Superintendent of Insurance … that would allow us to continue to offer coverage on the state’s health insurance exchange with rates that would be adequate to cover the anticipated needs of our members for the coming year,” Shipley wrote.
Although many other states have raised their rates, shocking Obamacare customers:
States approving huge spikes in health-insurance premiums http://t.co/u7hgDQE0d4 pic.twitter.com/UreK5vJz4K
— HotAir.com (@hotairblog) August 27, 2015
Recommended
ObamaCare Strikes Again: State insurance regulators have approved big health-law premium increases for 2016 http://t.co/wn4udTPLgT via @WSJ
— RNC Research (@RNCResearch) August 27, 2015
How's that Dem approved #Obamacare workin out for ya now?
State Premium increases:
TN – 36.3
KY- 25.1
OR-25.6
ID-23
OH-14.5
VA-8.6
MI-11.4— FlyingScot (@Flying_Scot52) August 27, 2015
BCBS, which accounts for reportedly 2/3 of New Mexico’s Obamacare enrollees, had been asking for a 51% premium increase:
New Mexico has rejected Blue Cross Blue Shield's proposed rate hike of 51.6% for '16 individual plans. BCBS has 2/3s of HIX market in '15.
— Paul Demko (@pauldemko) August 8, 2015
Thanks, Obama!
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