- May 29, 2009
- Reaction score
- Political Leaning
Blue Cross Blue Shield of Texas has about 603,000 individual policyholders and, unlike other insurers in the state, offers coverage in every county. In a recent filing with federal regulators, a summary of which is available on HealthCare.gov, the company said it is seeking increases averaging from 57.3 percent to 59.4 percent across its individual market plans.
In a statement, Blue Cross Blue Shield of Texas said its request is based on strong financial principles, science and data. "It's also important to understand the magnitude of the losses ... experienced in the individual retail market over the past two years," the statement said. The company says it lost $592 million last year and $416 million in 2014.
Texas isn't alone. Citing financial losses under the health care law, many insurers around the country are requesting bigger premium increases for 2017. That's to account for lower-than-hoped enrollment, sicker-than-expected customers and problems with the government's financial backstop for insurance markets.