LOUISIANA (KLFY)– The purchase of Blue Cross Blue Shield of Louisiana by Elevance Health, the out-of-state for-profit insurance provider, is being pulled back.
After many questions and concerns about Elevance Health buying Blue Cross Blue Shield, the proposed merger has been withdrawn, but there are plans to resubmit the proposal at a later date.
The $2.5 billion insurance merger between Blue Cross Blue Shield of Louisiana and Elevance Health has come to a halt after public outrage. In a previous interview Louisiana Senator Gerlad Boudreaux said the public needs to be involved when matters like the acquisition are proposed.
“One of the things that the legislature mandated is that the public would be involved in this,” Boudreaux said. “This is not one of the things we want to do in the heat of the night or the dark.”
Because there is public concern as well as questions, both insurance providers have decided to withdraw their proposal in order to give people more time to have details surrounding the acquisition.
In a prepared statement, Elevance Health spokesperson Leslie Porras said:
“We have chosen to withdraw BCBSLA’s plan of reorganization and Elevance Health’s acquisition application from the Louisiana Department of Insurance to provide more time for key stakeholders to understand the benefits this transaction will provide to Louisianians and how the quality service our stakeholders know, and value will continue.”
The Louisiana Department of Insurance Commissioner Elect Tim Temple said in a statement he is pleased with the consideration of the public’s concerns and ensures he will act in policyholder’s best interest should the acquisition proposal be submitted during his time at the department.
In the statement, Temple said:
“Affordable healthcare costs are vitally important, and we certainly need to support whatever helps accomplish this. I’m glad to see that BCBS is considering how to best address the concerns and questions brought by the review process and re-evaluate their path forward. Should they choose to during my term as commissioner I am committed to follow the process set by law in an effort to best serve the people and policy holders of Louisiana.”