Another insurance giant, this time Blue Cross Blue Shield of Kansas City, announced Wednesday that it has to decided to pull out of the Affordable Car Act exchange next year, according to the Kansas City Star. The decision is expected to affect about 67,000 Blue KC members in 30 counties in Western Missouri and Wyandotte County and Johnson County in Kansas. Most of them, however, will receive federal subsidies to purchase health coverage on the exchange.
Blue KC's president and CEO Danette Wilson said the exchange was jeopardizing the company--having lost more than $100 million on its plans since the ACA rolled out in 2014.
“This is unsustainable for our company,” Wilson said. “We have a responsibility to our members and the greater community to remain stable and secure, and the uncertain direction of this market is a barrier to our continued participation.”
The Wednesday announcement surfaced the same day as the Congressional Budget Office released its analysis of the revised health care plan passed by the House. According to the report, the legislation would reduce federal deficits by $119 billion over the coming decade and increase the number of people who are uninsured by 23 million in 2026,
Earlier in the month, Aetna announced its plans to exit Obamacare markets in Virginia in 2018.