Blue Cross and Blue Shield of Minnesota Bails On ObamaCare After $500M Loss

Breitbart ^ | June 24, 2016 | Jlhn Hayward

[lowbridge]

The partial withdrawal of Blue Cross and Blue Shield of Minnesota from the ObamaCare marketplace, driven out by staggering financial losses, is another important milestone in the collapse of the ill-conceived and inaccurately named Affordable Care Act.

Providers have been bailing out of ObamaCare across the land, but not Blue Cross/Blue Shield providers.

It’s not a total departure from the market, as CEO Michael Guyette took pains to explain at the Minneapolis Star-Tribune:

In a sign of continuing tumult in the health insurance industry, the state’s largest insurer said Thursday it will no longer offer its traditional suite of flexible and broad-reaching policies for those consumers who don’t get coverage through the workplace.

Instead, Blue Cross and Blue Shield of Minnesota will sell only health plans with a narrow network, which limits patient coverage to specific doctors, hospitals and prescription drug benefits.

The decision comes after the insurer experienced significant financial loses in the individual insurance market in recent years. It will affect about 103,000 Minnesotans, who will have to find a new health plan at the end of the year.

[higgmeister]

But WINE rhymes with fine. Just sounded as if you were waxing poetic.

[Mr Apple]

That was enough of a drag on the bottom line that the company took an overall net operating loss of $178.1 million on revenue of $10.6 billion.

I guess the top dogs at Blue Cross now have a different opinion of basta*d mullah obama.

[minnesota_bound]

#16 You pay and pay.
The deductible is there so the insurance company does not pay.

[higgmeister]

You pay for your own craw transplant after your have had it up to here!

My wife and I start with BCBSGA after the 18 months of COBRA runs out 7/1.

We just cannot wait!   Then I read that another BCBS company cashed it in.

[EVO X]

BCBS cut back on their state wide plans in Illinois last year. I don’t recall how much they increased premiums on the narrower networks.

[SgtHooper]

Oh this could be good. President Trump would force congresscritters to use healthcare of the common citizen. We need to get the self-serving decisions of Congress away from Congress.