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HELENA, Mont. (AP) — Insurers say they're losing money on the Montana marketplace thanks to rising health care costs. The three companies using the market place are seeking 2017 rate increases of up to 62 percent.
The insurers say they aren't making enough in premiums to cover the cost of claims. The companies made their case for rate hikes during a public hearing Tuesday.
The state's smallest marketplace insurer, PacificSource, says it won't offer a pair of individual health plans next year after it averaged a loss of $1,100 per insured member last year. PacificSource also plans to limit sales of one of its policies to Billings- and Missoula-area counties.
Blue Cross Blue Shield and Montana Health Co-op also complained about their financial prospects.
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