Blue Cross of New Mexico pulls out of exchange
Thousands of New Mexicans will need to shop for new health insurance plans later this year after a decision by Blue Cross Blue Shield to stop offering individual insurance plans through the state health exchange beginning Jan. 1.
Company President Kurt Shipley announced the move Wednesday in a letter to individual customers that was also posted on the insurer’s website, www.bcbsnm.com.
The letter said Blue Cross Blue Shield of New Mexico lost $19.2 million in 2015 on the 35,000 individuals covered by plans they purchased on and off the exchange.
“We were unable to reach an agreement with the Office of Superintendent of Insurance … that would allow us to continue to offer coverage on the state’s health insurance exchange with rates that would be adequate to cover the anticipated needs of our members for the coming year,” Shipley wrote.
Read more: http://www.abqjournal.com/634713/abqnewsseeker/blue-cross-blue-shield-of-new-mexico-pulls-out-of-the-health-exchange.html