Blue Cross and Blue Shield of North Carolina may leave the Affordable Care Act market in 2017 if it continues to lose money, CEO Brad Wilson said, according to a report from The News & Observer.
The state's largest health insurer anticipates reporting its second consecutive financial loss in coming weeks, as the company grapples with continuing cost overruns under the ACA, according to the report.
Blue Cross has made efforts to stem losses, including raising rates by an average 32.5 percent this year in North Carolina. However, Mr. Wilson told The News & Observer it wasn't enough.
"We can't offer something for sale in this marketplace that we know every time it’s purchased we're losing money," he told the publication.
If the company, which is also dealing with software problems, particularly in billing and invoicing, does decide to stop offering federally subsidized policies, more than 300,000 North Carolina residents would be forced to either try other insurers, if they still offer ACA coverage, or go without health insurance, according to the report.
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