While BlueCross BlueShield of Tennessee once again captured the majority of marketplace signups during open enrollment on the exchanges this year, new competition resulted in lower market share for the insurer.
BlueCross announced Wednesday that they had taken 70 percent of market share for those on the exchange. Last year, the company dominated with 86 percent. During this year’s enrollment, the company faced new competition from health insurance cooperative Community Health Alliance, which had the lowest premiums on the market this year.
Despite that, BlueCross gained 53,540 members during enrollment this year. The net gain brings the company’s total membership to 164,896, BlueCross officials said Wednesday.
“It’s important for us to have again earned the trust of the majority of those in the market, including those customers who chose us in the first open enrollment,” said Henry Smith, BlueCross’ senior vice president of operations and chief marketing officer in a prepared statement.
A snapshot of BlueCross’ Marketplace enrollment shows that approximately 80 percent of BlueCross members receive federal tax credits to help pay for their plans, and that the majority of shoppers selected a silver plan.