BlueCross BlueShield is Leaving the Obamacare Exchange in Nashville, Other Metros

NASHVILLE, TN — BlueCross BlueShield of Tennessee will not participate in the Obamacare exchange in the state's three largest cities, including Nashville.

The state's largest insurer filed the change Friday with the Department of Health and Human Services. Earlier this year, BCBST was given state approval for a request to raise its premiums 62 percent. The company is still awaiting federal approval on that change.

By the end of this year, BCBST predicts its losses from three years on the exchange will near $500 million.

Approximately 52,000 Nashvillians used BCBST insurance from the exchange in 2016. All will be looking for another insurer when the next open-enrollment period begins Nov. 1

Originally, BlueCross BlueShield was the only insurer planning to sell statewide. The change means it will shed 112,000 people from its rolls with 80,000, mostly in rural areas, staying on board.

Roy Vaughn, the insurer's chief communications officer told The Tennessean it is "an extremely difficult but necessary decision"

"It’s not something we want to do but we believe we must look out for the health care and financial security for all the members that we serve," Vaughn said.

Image via Shutterstock