BlueCross BlueShield of Tennessee has filed to increase its health insurance premiums for 2016 individual plans by 36 percent, on top of a 19 percent increase approved last year. - Nashville PostOuch!
How did this happen?
When insurers were tasked with pricing a brand new insurance marketplace in 2013, many had to make their best guesses as to both the frequency and severity of claims stemming from newly covered people.
In Tennessee, BlueCross BlueShield shot too low. Last summer, Vice President of Corporate Communications Roy Vaughn said the insurer could lose "tens of millions of dollars" in its first year of ACA coverage. At that time, the insurer commanded about 88 percent of the federal insurance marketplace in Tennessee.
So how's that Obamacare working for you?