The Boston Business Journal reported this week that the top three providers of health insurance in the Commonwealth posted telling losses brought on by requirements dictated by the Affordable Care Act (ACA). Craig Douglas, Managing Editor for the Boston Business Journal reports that the state’s three largest health insurers (Blue Cross Blue Shield, Tufts Healthcare and Harvard Pilgrim Health Plan sustained losses brought on by the requirement that all US health insurers must book their first year liabilities by April 15. To learn more, read Massachusetts health insurers blame Obamacare for $152M operating loss in Q1. The silver lining here might be that if the major hits were taken in Q1, perhaps the news will get better. One can only hope.
The article speaks to only the three largest health insurance providers in Massachusetts, but it is likely that all carriers felt the brunt of the ACA edict. While these three health care providers command about 79% of the market, one can assume that all carriers will be affected, even if the impact is temporary.
Based on a report issues by the Annual Report on the Massachusetts Health Care Market in August, 2013, health insurance industry market share for the Commonwealth is listed as follows:
If you have any questions or would like to learn more about this topic, please reach out to Genesis HR Solutions at AskUs@genesishrsolutions.com or 800-367-8367.
Genesis HR Solutions is the premier PEO provider for Massachusetts based businesses.
