4 Massachusetts insurers lose big in Q1

Four Massachusetts nonprofit health insurers lost money in the first quarter of 2016, and three of the four lost more in the first quarter of 2016 than they did in the same period of 2015, according to The Boston Globe.

Each of the insurers said the losses were due to the Affordable Care Act, increasing prescription drug costs and more medical services usage.

Compared to the first quarter of 2015, Blue Cross Blue Shield of Massachusetts saw a 6.4 percent increase in operating losses. It posted $77.8 million in operating losses for the first quarter of 2016, compared to $73.1 million in operating losses during the same period of 2015.

Harvard Pilgrim had $36.6 million in operating losses for the first quarter, as opposed to $19.6 million in the first quarter of 2015. This accounts for an 86.7 percent increase in losses.

Tufts Health Plan had a 15.7 percent increase in operating losses between the first quarter of 2015 and the first quarter of 2016. Its losses in the first quarter of this year were $28 million, while its losses during the same period last year were $24.2 million.

There was only one insurer whose operating losses decreased between the first quarter of 2015 and the first quarter of 2016: Fallon Community Health Plan. Fallon lost $6.4 million this year and $6.6 million last year, accounting for a 3 percent decrease in losses.

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