Blue Cross gets $295 million ACA payout, seeks rate increase
North Carolina’s largest health insurer, Blue Cross and Blue Shield, is eligible for nearly $295 million in federal payouts under the Affordable Care Act event as the company is seeking another rate increase in the state.
The payouts, announced last week, come from a deal between the federal government and insurers to make the ACA more palatable to the industry by minimizing its financial risk. The architects of the 2010 insurance law expected some insurers to face significant cost overruns because the law bars insurers from turning away people with preexisting conditions and also caps rates charged to older customers.
Read the full article: News & Observer