Post by Logan on May 14, 2016 10:10:44 GMT -6
Health insurers seek rate increases in Maryland as United Healthcare quits market
The unanticipated costs of providing health care to customers on the state's online exchange has prompted large insurers to seek rate increases of up to 30 percent while one insurer decided not to offer individual plans at all.
United Healthcare, the nation's largest insurer but a bit player in Maryland, was not included on a list released Friday by state regulators of companies seeking rate increases for 2017.
Insurance Commissioner Al Redmer confirmed that the company was leaving the exchange created under the Affordable Care Act, as it has in most states across the country. It will continue to offer plans in the small-business market.
United Healthcare would not comment on why it pulled out of the Maryland market, but it announced during an earnings call with analysts last month that it would only stay on exchanges in a handful of states as it tries to stem revenue losses directly related to marketplaces. The company said it lost $475 million on exchanges last year and could lose $500 million this year.
Read more: www.baltimoresun.com/health/bs-hs-rate-increases-20160513-story.html
The unanticipated costs of providing health care to customers on the state's online exchange has prompted large insurers to seek rate increases of up to 30 percent while one insurer decided not to offer individual plans at all.
United Healthcare, the nation's largest insurer but a bit player in Maryland, was not included on a list released Friday by state regulators of companies seeking rate increases for 2017.
Insurance Commissioner Al Redmer confirmed that the company was leaving the exchange created under the Affordable Care Act, as it has in most states across the country. It will continue to offer plans in the small-business market.
United Healthcare would not comment on why it pulled out of the Maryland market, but it announced during an earnings call with analysts last month that it would only stay on exchanges in a handful of states as it tries to stem revenue losses directly related to marketplaces. The company said it lost $475 million on exchanges last year and could lose $500 million this year.
Read more: www.baltimoresun.com/health/bs-hs-rate-increases-20160513-story.html