Louisiana Blue Cross insurance shelves sale for now: Here are the details

Blue Cross and Blue Shield of Louisiana has shelved for a second time its controversial plan to sell the non-profit insurance provider to Elevance Health.

Blue Cross, which insures almost 2 million people in Louisiana, informed the Louisiana Department of Insurance of its decision overnight Thursday.

The decision prompted the cancellation of the agency’s public hearing on the sale that had been scheduled Wednesday and Thursday.

“Late (Tuesday) evening, Blue Cross notified the LDI that it has chosen to withdraw its Plan of Reorganization,” Louisiana Department of Insurance spokesman John Ford said in a statement. “The hearing scheduled for (Wednesday) and (Thursday) is therefore canceled, and I currently have no information regarding Blue Cross’ intentions moving forward.”

It’s unclear whether Blue Cross will eventually try to move forward for a third try, but Elevance said it remains committed to ultimately acquiring Blue Cross.

“We are supportive of BCBSLA’s decision to withdraw their plan of reorganization,” Elevance said in a statement Wednesday morning. “We will continue to meaningfully engage community members who are truly interested in better health outcomes and more affordable healthcare. We remain committed to this partnership and will work with BCBSLA on next steps in bringing that to reality.”

The proposed sale has drawn opposition from many doctors and hospitals as well as some insured and state lawmakers.

Republican Shreveport Sen. Thomas Pressly has been one of the fiercest critics of the deal.

“Great news!” Pressly posted on his X account Wednesday morning. “@BCBSLA announced that it is canceling the attempt to sell the company to Elevance! This is a win for the people of #Louisiana!”

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Greg Hilburn covers state politics for the USA TODAY Network of Louisiana. Follow him on Twitter @GregHilburn1.