Post by pavel on Feb 3, 2016 7:32:43 GMT -6
Blue Cross of Alabama predicts $135 million loss in 2015, mostly due to Obamacare
Executives at Blue Cross Blue Shield of Alabama are predicting losses of $135 million in 2015, mostly due to the costs of insuring patients who gained coverage under Obamacare.
The insurance company has already tallied losses of $109 million through the end of October. The final results will be available at the beginning of March, according to a statement released by the company.
"Beginning in 2014, the ACA eliminated health underwriting and waiting periods for pre-existing conditions allowing individuals to buy healthcare coverage regardless of their health condition," read a statement from spokeswoman Koko Mackin. "Company data indicates that many of our new individual ACA customers have used an extensive amount of medical services, which is causing total claims paid and their related operating expenses to exceed premiums."
Customers who became insured through the Affordable Care Act have been older and sicker than average. According to Blue Cross, they have drug costs that are 25 percent higher than other customers, and costs that are 50 percent higher for outpatient surgeries and hospitalizations.
Read more: www.al.com/news/index.ssf/2016/02/blue_cross_of_alabama_predicts.html
Executives at Blue Cross Blue Shield of Alabama are predicting losses of $135 million in 2015, mostly due to the costs of insuring patients who gained coverage under Obamacare.
The insurance company has already tallied losses of $109 million through the end of October. The final results will be available at the beginning of March, according to a statement released by the company.
"Beginning in 2014, the ACA eliminated health underwriting and waiting periods for pre-existing conditions allowing individuals to buy healthcare coverage regardless of their health condition," read a statement from spokeswoman Koko Mackin. "Company data indicates that many of our new individual ACA customers have used an extensive amount of medical services, which is causing total claims paid and their related operating expenses to exceed premiums."
Customers who became insured through the Affordable Care Act have been older and sicker than average. According to Blue Cross, they have drug costs that are 25 percent higher than other customers, and costs that are 50 percent higher for outpatient surgeries and hospitalizations.
Read more: www.al.com/news/index.ssf/2016/02/blue_cross_of_alabama_predicts.html