RALEIGH, NC (WITN) - For the second year in a row, Blue Cross and Blue Shield of North Carolina is cutting rates for those covered under the Affordable Care Act, also known as Obamacare.
The insurance company, which covers more than 500,000 people in the state under ACA, wants to cut next year's rates on the average 5.2% for individuals, and 3.3% for ACA plans offered to small businesses.
That means health care costs for next year will be cut by $238 million, according to Blue Cross.
"We want to be a national model for health care transformation, where insurers and providers are jointly responsibly for delivering better, simpler, more affordable care," said Patrick Conway, president and CEO of Blue Cross NC.
Over the past two years, Blue Cross says it has been able to reduce marketplace rates for those covered under ACA by nearly 10%.
Open enrollment for the Affordable Care Act begins November 1st.