ALBUQUERQUE, N.M. (AP) - Blue Cross Blue Shield of New Mexico is pulling out of the state health exchange for 2016.
Company president Kurt Shipley announced the move Wednesday in a letter to individual customers posted on the insurer’s website.
Blue Cross Blue Shield of New Mexico says it’s lost more than $19 million this year on the 35,000 individuals covered by plans they purchased on and off the exchange.
The company says existing policies will be good until the end of the year.
The Office of the Superintendent of Insurance already has rejected Blue Cross Blue Shield’s request for an average rate increase of more than 51 percent.
Superintendent John Franchini told The Albuquerque Journal (https://bit.ly/1IhK9iL) he’s prepared to approve a 24 percent increase instead and is awaiting Blue Cross Blue Shield’s response.
Information from: Albuquerque Journal, https://www.abqjournal.com
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