The Blue Cross Blue Shield Association said members will face significant premium increases next year when purchasing plans on the ACA's individual marketplace after President Donald Trump's administration halted risk adjustment payments to insurers, BCBSA said.
The Trump administration is freezing billions of dollars in risk adjustment payments, which were established under the ACA to help insurers that accept high-cost patients protect their bottom lines, according to The Washington Post. CMS announced the decision July 7 after a federal court decided the formula to determine risk-adjustment payments was flawed.
"Without a quick resolution to this matter, this action will significantly increase 2019 premiums for millions of individuals and small business owners and could result in far fewer health plan choices," BCBSA CEO Scott Serota said in a July 7 statement. "It will undermine Americans' access to affordable coverage, particularly for those who need medical care the most. CMS should use all legal avenues available to make the payments on schedule and should do so to protect consumers."
To review Mr. Serota's full statement, click here.
More articles on payer issues:
Trump administration suspends risk adjustment payments for ACA health insurers: 6 things to know
South Nassau Communities Hospital, Empire BCBS reach agreement
Augusta Health returns to Anthem network after 6 months: 3 things to know