Post by Logan on Jan 30, 2016 2:28:41 GMT -6
Blue Cross and Blue Shield is projecting a loss of more than $400 million on its Affordable Care Act business in North Carolina, prompting the insurer to eliminate sales commissions for agents and impose other emergency measures to stem financial losses it attributes to the federal health care law.
Blue Cross, the state’s largest health insurer, provided the grim financial update to insurance agents this week as a rationale for ending payments to the agents and for terminating its advertising of ACA policies. The Chapel Hill insurer also plans to stop accepting applications online through a web link that provides insurance price quotes. The move is an attempt to screen ACA applicants and verify they are eligible for health insurance.
The insurer outlined the changes during a webinar it hosted Thursday. Hundreds of agents from around the state logged on to hear a presentation from Roy Watson Jr., Blue Cross’ sales director for individual and small group markets.
According to agents who listened to the webinar, Watson said the company’s combined loss for 2014 and 2015 on ACA customers is expected to top $400 million when the company announces its year-end financial results in the coming weeks.
Read more here: www.newsobserver.com/news/business/article57367343.html
Blue Cross, the state’s largest health insurer, provided the grim financial update to insurance agents this week as a rationale for ending payments to the agents and for terminating its advertising of ACA policies. The Chapel Hill insurer also plans to stop accepting applications online through a web link that provides insurance price quotes. The move is an attempt to screen ACA applicants and verify they are eligible for health insurance.
The insurer outlined the changes during a webinar it hosted Thursday. Hundreds of agents from around the state logged on to hear a presentation from Roy Watson Jr., Blue Cross’ sales director for individual and small group markets.
According to agents who listened to the webinar, Watson said the company’s combined loss for 2014 and 2015 on ACA customers is expected to top $400 million when the company announces its year-end financial results in the coming weeks.
Read more here: www.newsobserver.com/news/business/article57367343.html