States’ Premium Rates Announced
States have begun releasing approved carriers and premium rates for the 2016 coverage year. To see recent state announcements, follow these links: Arkansas, Florida, Idaho, Iowa, Michigan, Vermont and Washington.
Nevada: Health CO-OP to Cease Operations
Nevada Health CO-OP, the State's only consumer oriented and operated health plan (CO-OP), announced it will close at the end of 2015 because of financial difficulties. The CO-OP reported losses of $22.7 million between January and June 2015 after posting additional losses in 2014, according to the Las Vegas Review Journal. Current members will still receive services through December 31st but must select new coverage beginning January 2016 during the upcoming open enrollment period. Acting Commissioner Amy Parks said that despite Nevada Health CO-OP's exit, Nevada's individual and small-group markets will remain competitive, with 13 carriers offering individual plans and 14 offering small group plans.
New Mexico: Blue Cross Blue Shield of New Mexico Exiting Marketplace for 2016
The leading insurer in the New Mexico Health Insurance Exchange, Blue Cross Blue Shield of New Mexico (BCBSNM), will stop offering coverage beginning in 2016 because it did not receive approval from the Office of the Superintendent of Insurance (OSI) on requested premium rates. In a letter to enrollees, BCBSNM noted that it lost $19.2 million on its individual market enrollees in 2015, but will continue to offer coverage to these 35,000 customers until the end of the year. Enrollees will be required to transition to new coverage beginning in 2016. Next year, the Exchange will have four carriers and BCBSNM plans to offer an individual product off-exchange.