BOOM: Obama Just Got BAD News – He’s Livid

19 Apr, 2016 by Sierra Marlee

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Obamacare might just fade away, as more and more health insurers are pulling out of markets across the United States.

From Western Journalism:

United Healthcare, the nation’s largest private insurer, plans to remain in only a handful of Obamacare markets in 2017.

The insurer is expected to sustain $1 billion in loses in 2015 and 2016 due to its participation in the exchanges, the Washington Post reported.

“Next year we will only remain in a handful of states,” UnitedHealth CEO Stephen Hemsley said. According to the Kaiser Family Foundation, the company had plans in 34 states in 2016.

In addition to the much higher than expected costs, low enrollment rates is an additional reason UnitedHealth offered for its exit from most markets.

“An analysis released Monday found that if UnitedHealth exits the markets entirely it would cause some premiums to rise by up to $100 and reduce competition in some markets,” the Washington Examinerreported.

According to the Kaiser Family Foundation, if UnitedHealth were to pull out of all the markets in which it currently participates, 1.1 million people enrolled through the exchanges would be left with just one insurer.

Aetna chief executive Mark Bertolini also expressed concern about his company’s participation in Obamacare. “This business remained unprofitable in 2015 and we continue to have serious concerns about the sustainability of the public exchanges,” Bertolini said.