It is readily apparent that Obamacare is imploding, and we now learn that Humana, one of the largest insurance companies in the country, will withdraw from Obamacare.
“Death Spiral” was the term recently used by the CEO of Aetna to describe what is happening to the Obamacare marketplace.
Americans are seeing fewer choices and higher premiums—all while Democrats continue to advocate for the same failed policies that caused this healthcare mess in the first place.
Humana (HUM) announced it is pulling out of Obamacare for 2018 on Tuesday, the same day it ended a merger agreement with Aetna (AET).
The company said in a press release it has tried for the past several years to keep selling policies where it could offer “a viable product.” It said it increased premiums, exited markets and tightened provider networks in hopes of stabilizing its individual market business.
But an initial analysis of its 2017 consumer base found that it remained riskier than Humana could tolerate. So the company is exiting all 11 states where it sells individual policies, both on the Obamacare exchange and outside of it.
“We are again seeing signs of an unbalanced risk pool based on the results of the 2017 open enrollment period, therefore we’ve decided that we can’t continue to offer this coverage in 2018,” said Bruce Broussard, Humana’s chief executive, in a conference call with investors.