The ObamaCare train wreck is on its way. Carolina Journal’s Dan Way reports here on the latest for North Carolina.
FirstCarolinaCare Insurance Company is withdrawing from participation in the federal health exchange. Uninsured North Carolina consumers will have only two provider options from which to purchase policies approved by federal regulators and mandated under the Affordable Care Act (aka Obamacare) from the electronic marketplace.
FirstCarolina, a wholly owned subsidiary of FirstHealth of the Carolinas, announced Thursday afternoon it had alerted the North Carolina Department of Insurance of its intention to reverse course on its plan to sell federally approved policies on the exchange.
“This was not a step taken lightly,” Kenneth J. Lewis, president of FirstCarolinaCare Insurance Company, said in a written release.
“When we originally proposed participation in the Exchange, we recognized that there were many unknowns for all of us. However, after months of review, there continue to be uncertainties in the Exchange implementation and processes for insurers,” Lewis said.
“After further assessment of the uncertainties related to the Exchange and consideration of our overall business strategy, we reluctantly came to the conclusion to withdraw our application to participate in the Exchange,” Lewis said.
The announcement comes with just 18 days remaining before the Oct. 1 date on which the federal exchange is set to open.
With FirstCarolina’s pullout, only Blue Cross Blue Shield of North Carolina, which already services 85 percent of the individual insurance market in the state, and Coventry Health Care of the Carolinas maintain an active interest in offering insurance plans on the exchange.
