Blue Cross is the only insurance provider that covers all the 100 counties in North Carolina. It accounts for more than half of the 613,000 enrollments under the Affordable Healthcare Act.
Chris Conover, of forbs.om said Blue Cross and Blue Shield of North Carolina lost more than $400 million in the first two years of Obamacare service. The dramatic downtown in blue cross business is alarming amongst health practitioners and agents. As a result of the sad experience with Obamacare exchange. The company carefully eliminated sales commission for actors, and they stopped the adverts of Obamacare policies, and they even went as far as stopping the collection of the application via a web link that does provide insurance price quote all in an attempt to eliminate the enrollment to the Obamacare program.
BCBSNC reported an operation loss of $50.6 million in 2014; this is the first of such loss in 15 years. Why? As a result of Obamacare policy, what makes this fascinating is that BCBSNC holds about 72% coverage of the market. And they are losing it fastly to healthcare laws.
The Problem is Getting Worse, Not Better
A big firm like BCBSNC can absorb the temporary punch to its profits. The truth is that Obamacare losses are expanding over time and it is not shrinking, and it’s not sustainable for any business venture. With time they will also abandon the Obamacare policies as a line on their business venture.
The department of insurance intends to monitor Blue Cross adherence to state laws and regulations, according to Insurance Commissioner “George” Wayne Goodwin, who had a discussion with the company management.http://www.wral.com/state-regulators-to-examine-blue-cross-operations/
Since January the department has received over 1,000 complaints from clients of Blue Cross as regards overbilling, computer errors that prevent them from paying premium and inability to verify sufficient coverage, Goodwin said.
He said we had received more call in the last one month more than calls received in three months. But what have you done about it Wayne Goodwin. NOTHING, AS ALWAYS.
But didn’t you BCBSNC want to be the only insurance company for all of the North Carolina State employees. And now your crying about it?
The largest insurer in the state opened its door to business with over 25,000 customers who had several issues ranging from been enrolled in plans they never signed for, to the wrong amount computed as a draft to their banks. And many were waiting for their identification card to prove that they had health coverage.
The customer service was overwhelmed by thousands of calls; that left so many persons frustrated, and so many of them got angrier as they could not talk to anyone who could address their challenges.
The spokesman of the BCBS Lew Borman said we are going to work with the Department of Insurance to ensure that we resolve the lingering problems.
The organization blamed the situation on the increased enrollment of persons under the Affordable care Act. But for a large firm as BCBS to be faced with this kind of issues is they’re a way out? Will they remain in North Carolina?
Editors note: They made millions for years and now they are going broke. At least that’s what they say. Your going to have to prove it to me. Just like the first 50 million loss that you reported…and then you reported a small couple of million profit. Yea OK. Once you lose your credibility you cant get it back so easily.