RALEIGH, N.C., May 25, 2017 /PRNewswire/ -- Earlier today, Blue Cross and Blue Shield of North Carolina announced that it will require a 23 percent premium increase in 2018. The announcement comes amidst growing concern over the viability of the Affordable Care Act as the Administration and Congress seek to repeal and replace the health care law. Of concern to insurers is the indecision over whether to reimburse companies who, as required by law, extend subsidies to eligible customers. This year, reimbursements to insurers are estimated to be more than $7 billion nationally.
"There's no way around the fact that another double-digit increase will decimate family budgets. Today's announcement demonstrates that the American people will continue to suffer the most if there is not stability in the insurance marketplace and meaningful reform," said North Carolina Farm Bureau President Larry Wooten.
"Despite the obvious shortcomings of the Affordable Care Act, it remains the law of the land. American citizens, employers, insurers, and health care providers must all obey the law – so too should the federal government. By failing to live up to their end of the bargain, politicians in Washington are destabilizing the marketplace which sows fear and confusion among their constituents. I urge them to keep their promise to the American people and honor their commitment under the current law," added Wooten.
North Carolina Farm Bureau President Larry Wooten will be available for interviews Thursday, May 25, 2017 and Friday, May 26, 2017.
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SOURCE North Carolina Farm Bureau