This time it’s a biggie: UnitedHealth Group Inc., the nation’s largest health insurance firm, is pulling out of the Obamacare sweepstakes in Michigan, the largest state so far that it’s bailed from in the face of $500 million in yearly losses from the national program.
Earlier, the company had withdrawn from Arkansas and Georgia amid threats that it might withdraw from the entire Affordable Care Act (ACA) marketplace program in face of mounting losses. Analysts now expect the company to cease Obamacare offerings in most, if not all, of the 34 states where it’s operating under the program.
Blue Cross, Blue Shield and Aetna have voiced similar concerns about operating in the nationwide exchanges, which they say draw in the old and sick over the healthier portions of the population.
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