Posted: October 14th, 2016 | By: Lisa Snedeker
Professor Mark Hall is quoted in a Winston-Salem Journal story, “Blue Cross premiums rising 24 percent,” written by Richard Craver and published on Oct. 14, 2016, that states, “Most consumers buying health insurance on the North Carolina version of the federal exchange will face a 24.3 percent increase in monthly premiums in 2017, Blue Cross Blue Shield of N.C. confirmed Friday.”
Professor Hall, a nationally renowned health care expert, said in the story he is “optimistic that Blue Cross will be able to succeed in this market for the longer term.”
“The exit of several competitors will result in increased enrollment, and it appears that they have received the rate increases they need to avoid losing money.”
Read the original story, which also quotes Brad Wilson (JD ’78), Blue Cross’ chief executive and president, here.
According to the Journal, Brian Tajlili, the insurer’s director of actuarial and pricing services, disclosed the price increase in a blog post. The rate increase does not affect people on employer or small-group plans.
On May 31, Blue Cross submitted a request to the N.C. Insurance Department for an average increase of 18.8 percent in monthly premium-plan rates for 2017.
At that average rate, the range of increase was 9.4 percent to 28 percent, depending primarily on benefit plan chosen, the age of the individual and where they live.
The insurer now says the range of increase is 12 percent to 27 percent. Brad Wilson, Blue Cross’ chief executive and president, said current marketplace-exchange customers will receive their rate notices in the mail before the 2017 sign-up period begins Nov. 1. The period ends Dec. 31.