Oregon Health Insurers Blame ‘Sick’ People for Losing Millions in 2015

Although a volatile health insurance market is partly to blame, from the turmoil caused by the Affordable Care Act (Obamacare), most insurers say it's because people just got sick more often.

It's a pretty simple explanation, but according to a report in the website bizjournals.com, most Oregon health insurance carriers lost money in 2015, after posting some profits the year before.

Providence Health Plan has the most individual members in Oregon, reported a $63 million dollar loss last year. They had gained about $22.3 million the year before. Some critics say it's because the vast majority of Obamacare members are in some sort of lower-tier Medicaid, which pays virtually all costs despite it's less than stellar coverage.

However, others, including most of the insurance providers, say it's simply because far more people got sick in 2015.

Other companies reporting losses included Moda Health Plan, $49.5 million; and Kaiser Health Foundation Plan of the Northwest lost $13.4 million, compared with a $15-plus million gain the year before.

Moda, who lost nearly $14 million in the last quarter of 2015, was briefly placed under regulatory supervision. They plan to sell some assets and other methods to raise about 179 million so they can stay in business.