Blue Cross and Blue Shield of Minnesota will no longer sell individuals and families health plans on the state's insurance exchange in 2017, according to Kaiser Health News.
Here are six things to know:
1. In a statement, the payer said it expects losses totaling $500 million in the individual segment over the last three years.
2. Last year, BCBS of Minnesota had a $265 million net loss on insurance operations from individual market plans.
3. BCBS of Minnesota's decision will impact nearly 103,000 Minnesotans who will have to seek other coverage.
4. In the wake of million-dollar losses, various payers, notably UnitedHealth, are also pulling coverage from different segments to reassess their strategy, according to Cynthia Cox of the Kaiser Family Foundation, who analyzes individual health insurance markets.
5. Gov. Mark Dayton said while more Minnesotans have coverage since the Affordable Care Act's inception, BCBS of Minnesota's departure is indicative of the instable health insurer market throughout the United States.
6. The payer's subsidiary, Blue Plus, will offer plans on the individual market.
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