Current:Home > NewsNonprofit Blue Cross and Blue Shield of Louisiana seeks approval for sale to Elevance -Visionary Wealth Guides
Nonprofit Blue Cross and Blue Shield of Louisiana seeks approval for sale to Elevance
View
Date:2025-04-15 13:15:29
BATON ROUGE, La. (AP) — State officials are continuing discussions of a possible $2.5 billion sale of Blue Cross and Blue Shield of Louisiana, a non-profit health insurer used by nearly half of the state’s residents, to a much larger for-profit insurer based in Indiana.
A legislative committee held a nearly eight-hour meeting Monday to consider the proposed sale of Blue Cross and Blue Shield of Louisiana to Elevance Health, one of the nation’s largest insurers, The Times-Picayune/The New Orleans Advocate reported.
While any decision on whether or not to sell will come down to the state’s insurance commissioner and policyholders, legislators took the opportunity to question insurance regulators and gather more information, including about millions of dollars in regulatory fines issued to Elevance.
Policyholders have been split on a possible sale. Some fear that, under a for-profit company, they could see increases in their premiums and rates. Proponents of the proposed sale say that under Elevance there would be improved services and technology for 1.9 million Louisiana customers.
Blue Cross and Blue Shield of Louisiana executives say they are not making as much revenue as competitors and that the sale would put Blue Cross on more stable financial footing and bring improved services, The Times-Picayune/The New Orleans Advocate reported.
As part of the proposed agreement, Elevance, which runs Blue Cross-branded insurers in more than a dozen other states, would take over the Blue Cross brand and customer base in Louisiana.
Next week, during a two-day hearing before the state’s Department of Insurance, executives of Blue Cross Blue Shield of Louisiana will make their case for the sale. For a deal to move forward, approval is needed from Insurance Commissioner Tim Temple and two-thirds of the Blue Cross members with voting rights.
veryGood! (1367)
Related
- Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
- Mexican man gets 39 years in Michigan prison for a killing that became campaign issue
- Zach Bryan, Brianna 'Chickenfry' LaPaglia controversy: From Golden Globes to breakup
- Alabama prison sergeant charged with sexual misconduct
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- Powerball winning numbers for November 6 drawing: Jackpot rises to $75 million
- Investigation into Liam Payne's death prompts 3 arrests, Argentinian authorities say
- Musk's 'golden ticket': Trump win could hand Tesla billionaire unprecedented power
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- NYC police search for a gunman who wounded a man before fleeing into the subway system
Ranking
- Travis Hunter, the 2
- Teachers in 2 Massachusetts school districts go on strike
- How Trump's victory could affect the US economy
- Brother of Buffalo’s acting mayor dies in fall from tree stand while hunting
- Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
- Partial list of nominees for the 2025 Grammy Awards
- Horoscopes Today, November 7, 2024
- Teresa Giudice's Husband Accused of Cheating by This House of Villains Costar
Recommendation
South Korean president's party divided over defiant martial law speech
Kelly Ripa Reveals the NSFW Bathroom Décor She’s Been Gifted
Alabama prison sergeant charged with sexual misconduct
Hungary’s Orbán predicts Trump’s administration will end US support for Ukraine
Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
Golden State Warriors 'couldn't ask for anything more' with hot start to NBA season
Man ordered to jail pending trial in the fatal shooting of a Chicago police officer
Parents of 4-year-old who starved to death in NYC apartment charged with murder