Blue Cross Blue Shield of NM pulls out of state Obamacare exchange . Another Giant Failure For Cartelized Health Insurance

Blue Cross Blue Shield of New Mexico reports:

We are proud that since the New Mexico Health Insurance Exchange opened in 2014, we have helped thousands of customers cover the cost of vital medical services, many for the first time. Delivering high quality health insurance to the citizens of New Mexico is nothing new to us. In fact, we have served the entire state for 75 years.

Unfortunately, the prices we charged for health insurance in 2014 and 2015 did not cover our costs. This resulted in Blue Cross and Blue Shield of New Mexico losing $19.2 million last year based on the experience of our 35,000 individual customers. We have worked to reduce our administrative expenses and provide the best value we can. Even so, we were unable to reach an agreement with the Office of Superintendent of Insurance (OSI) that would allow us to continue to offer coverage on the state's health insurance exchange with rates that would be adequate to cover the anticipated needs of our members for the coming year.

Another defeat for fascist style health insurance.