UnitedHealth to stop selling ACA plans in NC and most other states
April 20, 2016
UnitedHealth, the nation’s biggest health insurer, will shrink its participation in Affordable Care Act insurance exchanges to only a handful of states next year after expanding to nearly three dozen states this year.
CEO Stephen Hemsley said Tuesday that the company expects losses from its exchange business nationwide to total more than $1 billion for this year and last. He added that the company cannot continue to sell Affordable Care Act policies due partly to the higher financial risk that comes with those customers.
As part of the pullback, the insurer notified the N.C. Department of Insurance on Monday that it plans to stop offering individual coverage under the Affordable Care Act in 2017. UnitedHealth has been selling ACA policies in North Carolina for two years and operates in 77 counties in the state.
UnitedHealth is the second insurer to recently decide not to participate in North Carolina’s ACA market. Last fall Humana withdrew its proposal to offer individual coverage through the federal exchange in four counties, and the company never sold ACA coverage here.
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