BCBSNM Announces They Will Not Offer On Exchange Health Insurance Plans for 2016 Due to a +19M Loss for 2015

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BCBSNM Announces They Will Not Offer On Exchange Health Insurance Plans for 2016 Due to a +19M Loss for 2015

BCBSNM Announces Changes to Individual Plan Offerings for 2016

News Alert – Aug. 26, 2015

We are proud that since the New Mexico Health Insurance Exchange opened in 2014, we have helped thousands of customers cover the cost of vital medical services, many for the first time. Delivering high quality health insurance to the citizens of New Mexico is nothing new to us. In fact, we have served the entire state for 75 years.

Unfortunately, the prices we charged for health insurance in 2014 and 2015 did not cover our costs. This resulted in Blue Cross and Blue Shield of New Mexico losing $19.2 million last year based on the experience of our 35,000 individual customers.  We have worked to reduce our administrative expenses and provide the best value we can.  Even so, we were unable to reach an agreement with the Office of Superintendent of Insurance (OSI) 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.

While we are committed to helping communities expand access to health insurance, we cannot offer products in a sustainable and predictable manner without adequate rates.  We will continue to offer an HMO product off exchange in 2016, which will be available to all consumers.

Please know that our existing individual customer policies will remain in effect through the end of this year. Our small group, large group, commercial, Medicare AdvantageSM Prescription Drug (MAPD), Medicaid and individual dental product lines are not impacted.

Our company has served the needs of people throughout our state by offering access to health care through a variety of individual policies in every county. We greatly value our members and are proud of our long-standing commitment to the health and well-being of New Mexicans.

We are now focused on helping our members understand the changes to their insurance going forward. As we approach open enrollment this fall, we will work with the OSI, health care providers and other stakeholders to make sure our members have the support they need to make informed choices and experience peace of mind during this transition.

By |2016-12-23T19:05:50+00:00August 29th, 2015|Categories: Blog, Health Insurance 101|Tags: , , |0 Comments

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Jesse is the Founder and CEO of Smedley Insurance Group, Inc. and iHealthBrokers.com. He is a licensed health and life insurance broker in 47 states and the District of Columbia. Jesse specializes in Medicare and health insurance benefits packages for businesses and their employees. Jesse is the designated responsible broker for Smedley Insurance Group, Inc. He founded Smedley Insurance Group after working for a small captive insurance agency where he was required to sell perhaps the worst health insurance plans to consumers because it was all the company had to offer. He knew there had to be a better way and thus, SIG was born. Jesse can be reached toll free at (866) 260-9829, Ext. 101. His email address is: his first name @iHealthBrokers.com.

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