Although UnitedHealth Group Inc.’s withdrawal from public health insurance exchanges in all but a “handful” of states will reduce competition, its exit doesn’t spell doom for the future of the Affordable Care Act exchanges.
UnitedHealth said last week that it will exit nearly all of the 34 states where it sold coverage on health insurance exchanges this year amid slow enrollment growth and an unhealthy population that have dented its profit. It said it expects to lose $650 million this year on exchange business, on top of $475 million it lost last year.
The Minnetonka, Minnesota-based insurer will bow out of 2017 exchange offerings that include Arkansas, Connecticut, Georgia, Louisiana, Michigan, Oklahoma and Tennessee.
UnitedHealth will, however, sell plans on exchanges that include Nevada and Virginia next year, the states’ insurance departments confirmed. For the full article click here
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