Health insurer Blue Cross and Blue Shield of North Carolina affirmed it will offer Affordable Care Act plans in all North Carolina counties next year despite millions in exchange losses.
With its confirmation, BCBSNC will be the only payer to offer on-exchange, individual health plans throughout North Carolina in 2017. The insurer, which services 3.5 million, said it will absorb some 260,000 customers who need to find new plans this year because of Minnetonka, Minn.-based UnitedHealthcare and Hartford, Conn.-based Aetna exits.
BCBSNC said it made plan and benefit changes to balance these costs, as BCBSNC reported $405 million in losses over the past two years on ACA plans. The insurer said it will readjust its current proposed average 19 percent premium rate increase for on-exchange, individual plans. The insurer will announce the readjustment in late October.
The company also faces a $3.6 million fine from the North Carolina Department of Insurance for its chronic IT malfunctions that affected nearly 25,000 customers' billing and enrollment processes since January. BCBSNC also said in June it is suing the federal government, claiming the U.S. failed to pay the insurer $147 million in payments owed under the ACA's risk corridor program.
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