After a year off the exchange, Blue Cross Blue Shield of New Mexico announced that it would once again sell plans on the state federal platform next year, the Albuquerque Journal reported.
The company exited the exchange for 2016 when its requested premium rate increase of almost 52% for this year was shot down by regulators—regulators said they would only approve an increase of 24%, to which the insurer said was inadequate to cover its anticipated losses. The insurer’s exit in 2016 affected its 35,000 policyholders.
Blue Cross will be one of five companies filing preliminary rates this month with state insurance superintendent John Franchini. The preliminary rate increases will be soon disclosed to the public.
“Blue Cross and Blue Shield of New Mexico has filed products and pricing for next year,” remarked company president Kurt Shipley. “We will continue to work with the Office of Superintendent of Insurance and federal regulators to ensure a stable and sustainable insurance marketplace for consumers. We believe that consumers will find our 2017 offerings to be competitively priced with offerings from other New Mexico carriers.”
Shipley added that the company has plans to offer products with a range of benefits and premiums to New Mexicans next year.
