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Dogs & Fleas

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Back in the day, the insurance industry went all-in on ObamaCare (after all, what’s not to love about a law that requires citizens to buy one’s product?). And it appeared to be kind of a no-brainer: rack up big losses? No problemmo, we’ll backstop those with a slush backstop fund (aka Risk Corridor). Now, at least one willing participant, Blue Cross/Shield of North Carolina, risks losing some major bucks because:

A federal judge dealt a major blow to a health insurer’s attempt to recoup millions of dollars” by rejecting the carrier’s lawsuit against HHS accusing the agency of “failing to make good on its obligation to pay nearly $130 million under the ACA risk corridors program.”

This shouldn’t have come as a shock to BX, since the program has been notoriously underfunded for quite some time:

In October 2015, HHS officials announced that the program had taken in only enough cash … to pay about 16% of the amounts owed

Sustainability!

FoIB Jeff M wonders what affect, if any, this will have on the carrier’s plans to bonus its execs millions of dollars for last year’s winning performance. I think we all know the answer to **that**.

Original content copyright © InsureBlog


Source: http://insureblog.blogspot.com/2017/04/dogs-fleas.html


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