Boston reports that the 4 largest health insurance carriers lost more than $150 million in the first quarter of this year.
Blue Cross Blue Shield of Massachusetts, the state's largest health insurer, reported a $65.2 million net loss for the three months ending March 31. Its operating loss was even steeper, $95.5 million. The company drew $55 million from its reserve to cover the anticipated losses from the state-imposed premium cap in the second quarter, accounting for the majority of its operating loss.
So what happens if the carriers continue to lose money?
Bailout or pull out.
Washington, are you listening?