LAFAYETTE, La (KLFY) — Millions of Blue Cross Blue Shield policy holders could be facing higher premiums if a proposed sale of the nonprofit insurer is approved to be bought by an out of state insurance company.
Blue Cross Blue Shield, a non-profit tax-payer health insurer is being sold for $2.5 billion to Elevance Health, an out-of-state for-profit insurance company.
Due to push back from policyholders and Louisiana lawmakers, concerned citizens weigh in on who could be affected. One person who wanted to remain anonymous said, “About 1.9 million people in the state, a lot of them are school employees, government employees, and healthcare employees. It’s a significant change in healthcare for millions of people in the state of Louisiana.”
With questions about the merger, state officials like Sen. Gerald Boudreaux said a committee was put in place to gather information about the proposed transaction.
“The legislature is concerned about the policy holders, they’re concerned about the consumers, and they’re concerned about the impact this would have,” said Boudreaux.
He said because this type of merger has not been done in the state before, it will take some time to gather all the information needed. The Louisiana Department of Insurance will hold a public hearing to allow those people the opportunity to be heard regarding their approval or opposition of the merger.
Boudreaux said he wants policyholders to be assured their representatives are asking all the right questions and getting all the information needed to be informed.
“We’re going to provide as much information. We want our stakeholders; we want our constitutions to feel comfortable that we’re going to ask all of the questions.”
LDI will hold the public hearing Oct. 5-6 in Baton Rouge and via Zoom.