NEW ORLEANS — The deal for Blue Cross Blue Shield of Louisiana to sell to Elevance Health is dead… for now.
The 2.5 billion dollar sale — which would take the state’s largest insurer from ‘non-profit’ to ‘for-profit’ — has officially been shelved.
So what does this mean for the 1.9 million dollar policyholders in Louisiana? That’s not so clear right now. We do know that legislators suspected a premium increase if the sale to Elevance Health had gone through.
The State Insurance Committee Chairman Kirk Talbot says he fears the current Blue Cross Blue Shield situation is unsustainable.
But a committee overseeing hearings on the sale felt the deal with Elevance was bad deal. They had concerns with Elevance’s integrity after a history of fines, lawsuits, premium increases, claim denials, and workforce reductions.
The sale was also largely unpopular with doctors, hospitals, and other healthcare industry members.
Legislators say Blue Cross will likely have to go back to the drawing board and find a more popular deal for patients and stakeholders.
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