RALEIGH, N.C. (AP) — Blue Cross and Blue Shield of North Carolina essentially broke even during 2015 even as losses related to coverage of customers enrolled through the federal health care law mounted.
The state’s largest health insurer reported Friday it earned $500,000 last year compared to a $51 million loss in 2014.
The company says strong investment income and improvements in other businesses like its Medicare Advantage coverage helped overcome a $282 million loss on plans that comply with the Affordable Care Act. Losses in 2014 related to ACA plans were $123 million.
The company has said it’s weighing whether to scale back or stop completely offering ACA plans in 2017. Company Chief Financial Officer Gerald Petkau says he’s hopeful higher premium rates in 2016 will help stabilize financially its ACA offerings.