NASHVILLE, Tenn. (AP) — BlueCross BlueShield of Tennessee is withdrawing from the Affordable Care Act marketplace in the Memphis, Nashville and Knoxville regions. In a news release, the company says the change will affect an estimated 100,000 Tennesseans.
The decision comes a month after Tennessee officials approved an average rate increase of 62 percent for the insurer.
The company says it has lost close to $500 million on Affordable Care Act plans over three years.
BlueCross BlueShield of Tennessee will continue selling ACA plans in other regions of the state. The change will not affect seniors with Medicare Advantage plans, those enrolled in BlueCare or anyone who has insurance through an employer.
The company says it will continue to evaluate the ACA marketplace, including a possible return to offering plans statewide in 2018.