After losing a whopping $720 million thanks to participation in Obamacare exchanges, mega-insurer United Health is leaving the expensive, government sanctioned healthcare program. Talk of a departure bubbled up in reports late last year and now the exit is official. From WAPO:
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UnitedHealth Group, the nation's largest health insurer, said Tuesday that in 2017 it will exit most of the 34 states where it offers plans on the Affordable Care Act insurance exchanges.
"We will be down to a handful of states that we will be actively participating in the exchanges," Stephen J. Hemsley, chief executive officer of UnitedHealth Group said in an earnings call, noting that the small market size and greater expense of patients insured through the marketplaces led the insurer to make the decision.
United Health joins other major insurance providers like Aetna, Blue Cross Blue Shield and Human. The question now is whether the Obama administration will do anything in an attempt to make the companies stay.
The White House maintains Obamacare has been a success.
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