Becker's Healthcare June 17, 2024
The financial headwinds facing major Medicare Advantage carriers are also affecting companies across the Blue Cross Blue Shield system.
“Our Medicare Advantage cost trends have faced the same headwinds felt across the industry,” BCBS Minnesota told the Star Tribune on June 14. The insurer reported a 40% decrease in operating profits in 2023, falling from $173.2 million to $103.7 million.
In May, BCBS Kansas City said it would leave the Medicare Advantage market at the end of 2024, citing low membership that “does not provide the scale required to successfully compete in today’s complex and continuously changing market.”
Highmark Health, which operates BCBS affiliates in four states, noted in its first quarter financial report that its health plans continue “to...
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