Health insurance company Humana announced Tuesday that it would leave the ObamaCare market in 2018.
The insurer said it would offer plans through 2017, but that the market has not stabilized enough to participate next year.
Humana said it was losing money from taking on too many sick people without enough healthy people to balance the pools.
The decision came after Humana scaled back participation and raised premiums, among other changes.
“All of these actions were taken with the expectation that the company’s Individual Commercial business would stabilize to the point where the company could continue to participate in the program,” the company said in a statement.
“However, based on its initial analysis of data associated with the company’s healthcare exchange membership following the 2017 open enrollment period, Humana is seeing further signs of an unbalanced risk pool.”
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Health insurer Humana will completely exit ObamaCare marketplace at the end of 2017 https://t.co/8nc7T0RP57 pic.twitter.com/1nteUYSxAA
— The Hill (@thehill) February 14, 2017
Humana is not a major player in the ACA marketplaces, but its pullout will leave 16 counties in Tennessee with no insurers.
— Larry Levitt (@larry_levitt) February 15, 2017
Insurance companies thought they would make a killing with Obamacare. They were conned just like almost everyone else. Those of us who knew better sounded the alarm, but we were blown off.
Thank you, Obama and your Democrat cohorts in Congress. And I might add the courts too, which ruled that this scam was legal.
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