MA health Insurers Report Losses

Here is some news that will make health insurers throughout the country a little nervous:

Major health plans serving the Massachusetts Connector all reported net losses in the first quarter of 2010: Harvard Pilgrim Health Care ($27 million), BCBS of Mass. ($65 million), Tufts Health Plan ($52 million) and Fallon Community Health Plan ($8.5 million).

As I noted in previous posts, the premium requests by these same insurers were denied by the MA DOI earlier this year. Obviously if these losses continue, some if not all of these insurers will pull their products from the Connector.

Health care is extremely expensive in Massachusetts. Reform there solved the problem of the uninsured but has yet to slow down the high cost of care there.