The state's biggest insurer says that it is on track to lose $500 million over 3 years on policies purchased by individuals. Minnesota Public Radio: Buying Health Coverage Outside Work? Get Used to Less Choice Blue Cross this week said it was on track to lose $500 million on specific coverage over 3 years. That cash hemorrhage was the main reason the company revealed it was pulling back on nearly all its offerings for individuals who purchase insurance coverage on their own, outside of work. The choice indicates some 100,000 Minnesotans will be looking for new medical insurance plans for next year. Star-Tribune: Blue Cross Says Individual Market Plans Will Offer Limited Choices Next Year In an indication of continuing tumult in the health insurance industry, the state’s biggest insurance company stated Thursday it will no more provide its standard suite of flexible and broad-reaching policies for those consumers who don t get coverage through the workplace. Instead, Blue Cross and Blue Shield of Minnesota will sell only health plans with a narrow network, which limits patient protection to particular doctors, healthcare facilities and prescription drug benefits.
The Associated Press: Blue Cross Eyes Exit from Minnesota Individual Market
Gov. Mark Dayton stated his administration will help enrollees on lapsing strategies discover new coverage for 2017, pointed out the strides Minnesota has made in reducing the number of uninsured homeowners recently and stressed that the company s departure will not imperil that development.
Kaiser Health News: Minnesota's Largest Health Insurer to Drop Individual Plans.
Blue Cross and Blue Shield of Minnesota will pull back from the sale of health plans to people and households in the state starting next year. The insurer, Minnesota's biggest, said remarkable monetary losses drove the choice. "Based on existing medical claim patterns, Blue Cross is predicting an overall loss of more than $500 million in the individual [health plan] section over 3 years," the insurance company said in an emailed declaration. The Blues reported a loss of $265 million on insurance operations from individual market plans in 2015. The insurance company stated claims for medical care far went beyond premium earnings for those strategies.