Tennessee's Insurance Commissioner Julie McPeak fears the state's Affordable Care Act exchange may collapse after insurance regulators approved major rate hikes for insurers, reports The Tennessean.
Blue Cross Blue Shield, Cigna and Humana will raise their rates by an average of 62 percent, 46 percent and 44 percent, respectively. Blue Cross Blue Shield is the only insurer that will offer individual health plans on the exchange across the entire state.
"I would characterize the exchange market in Tennessee as very near collapse... and that all of our efforts are really focused on making sure we have as many writers in the areas as possible, knowing that there might be one," Ms. McPeak told The Tennessean. "I'm doing everything I can to prevent a situation where that turns to zero."