Blue Cross Blue Shield of Texas, the state's largest insurer, is seeking a nearly 60 percent price increase for its individual policies' rates, according to CBS News.
Here are five things to know:
1. BCBS of Texas has nearly 603,000 individual policy holders and is the only payer in the state to offer coverage in every county.
2. BCBS of Texas submitted a filing to federal regulators, seeking increases between 57.3 percent and 59.4 percent for its individual market plans.
3. In 2014, the payer said it lost $416 million, with that figure increasing to $592 million the next year.
4. Following Florida and California, Texas is the Affordable Care Act's third-largest market. While state regulators said BCBS of Texas' increase request is confidential and they can't comment, Insurance Department spokesman Ben Gonzalez did contend Texas can withdraw approval if BCBS' request fails to meet Texas law requirements and standards.
5. While some argue the increases will mainly impact rural residents, BCBS of Texas argues many consumers may find solid coverage even with a higher premium. The payer also claims the average premiums filed with regulators do not accurately depict individual consumers' bottom line.
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