New Mexico Singing the Blues

If you live in New Mexico and want Obamacare with a subsidy, Blue Cross will not be one of your choices in 2016.

Blue Cross and Blue Shield of New Mexico has confirmed that it will not offer on-exchange individual health insurance products on the New Mexico Health Insurance Exchange in 2016. 

According to the insurer, the premium rates BCBSNM charged for individual insurance products in 2014 and 2015 did not cover the claims costs the insurer incurred — ultimately resulting in a $19.2 million loss. - Biz Journals

Some will suggest these losses are not due to Obamacare, but when have you known a Blue plan to boycott a segment of the health insurance market?

We have been serving New Mexicans for 75 years and we hope to provide more options to individuals in the future," said Kurt Shipley, president of BCBSNM. "While we are committed to helping communities expand access to health insurance, we cannot offer products in a sustainable and predictable manner without adequate rates. We will continue to offer an HMO product off-exchange in 2016, which will be available to all consumers."

HMO is "code" for narrow network.

Losses for those served from the dollar menu must be severe to completely pull their product from the exchange.