NC's Blue Cross in profit as ACA policies fall, costs rise
RALEIGH (AP) -- North Carolina's largest health insurer says it turned a $185 million profit in 2016 by cutting its exposure to the sicker-than-usual customers who bought medical coverage through the federal health care law that President Donald Trump promises to repeal.
Blue Cross and Blue Shield of North Carolina reported Wednesday its profit represented 2.4 percent of the $7.8 billion revenue that premiums generated.
The company said it logged a $38 million loss last year on policies issued in line with former President Barack Obama's health overhaul law. The company's Affordable Care Act policies lost more than $400 million the previous two years.
Blue Cross last year had 26 percent fewer ACA customers after increasing premiums by 32 percent. About 90 percent of ACA customers receive subsidies to help pay premiums.