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Highmark Inc. filed a lawsuit against the federal government Tuesday seeking $223 million in payments related to the insurer's losses in the health insurance marketplace formed by the federal Affordable Care Act.
The 2010 law included a “risk corridor” provision in which the federal government promised to cover a portion of losses insurers sustained in the first three years on the new market, which came with an unknown set of risks from people who had not had insurance coverage before.
Highmark lost more than $260 million in the new market in 2014 because of sicker-than-expected enrollees and calculates it is owed $223 million for that year, said Karen Hanlon, chief financial officer of Highmark Health, the insurer's parent company.
Have to wonder if there is a hidden agenda with this? Maybe somebody wants to buy them out at a discount.