Her remarks largely overshadowing the dramatic premium increases, Commissioner Julie Mix McPeak thrust the issue of preserving competition into the spotlight at a moment when states around the country are grappling with dwindling numbers of insurers willing to sell on the exchange.
The rate approvals, while a tough decision, were necessary to ensure healthcare options in every part of Tennessee when open enrollment begins in November, said McPeak, commissioner of the Tennessee Department of Commerce and Insurance. BlueCross BlueShield of Tennessee is the only insurer to sell statewide and there was the possibility that Cigna and Humana would reduce their footprints or leave the market altogether.
“I would characterize the exchange market in Tennessee as very near collapse ... and that all of our efforts are really focused on making sure we have as many writers in the areas as possible, knowing that might be one," McPeak told The Tennessean. "I’m doing everything I can to prevent a situation where that turns to zero.”
