UnitedHealth exits exchange markets in Georgia, Arkansas
Decision leaves in question whether nation's largest insurer will also exit Affordable Care Act plans in other states
UnitedHealth Group has decided to quit the exchange market in two states, Georgia and Arkansas, according to published reports Friday.
The decision by the nation's largest health insurer leaves in question whether it will continue to sell Obamacare plans in other states.
No one from UnitedHealth could be reached for comment in time for publication.
[Also: UnitedHealth profits weighed down by $720 million loss from exchange product]
The insurer said in November it was considering withdrawing from the Affordable Care Act exchanges over losses, and pulled back on marketing efforts for individual exchange products in 2016.
It reported a profit slide of $720 million in 2015 due to exchange losses.
The earnings pressure was driven by projected losses on individual exchange-compliant products related to the 2015 and 2016 policy years, the company said.
[Also: Covered California says UnitedHealth should own up to $475M loss and stop blaming Obamacare]
Nonprofit co-ops established under the Affordable Care Act have lost money, with an estimated half of the original 23 failing.
UnitedHealth reported saw growth in all other benefit market segments.
As the Affordable Care Act aims to enroll 10 million people in President Barack Obama's signature health law by the end of 2016, insurers have been signaling trouble with its financial viability by offering limited plan choices and raising premiums to cover the medical costs of enrollees who have been sicker than than projected.
Twitter: @SusanJMorse
