In 2015, health insurer Premera Blue Cross lost nearly $117.5 million on individual health plans, according to Puget Sound Business Journal.
Here are five key notes:
1. In 2014, the payer had a net loss of merely $3.3 million.
2. Premera Blue Cross reported a net loss of $1 million in 2013.
3. Jeff Roe, Premera CEO, contributes the substantial loss solely to the individual market. With the ACA insuring thousands of Americans, Premera had a huge surge in total claims. These claims far exceeded what the payer received in premiums.
4. Last year, Premera sought an 8.1 premium increase, but the insurance commissioner only granted the payer a 2.9 percent increase. However, for 2016, Premera received an 8.8 percent increase when seeking a 9.6 percent increase in premiums.
5. Premera has laid off nearly 165 employees in what Premera refers to as "a strategic reorganization of the company."
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