Major health insurer pulling out of state’s Obamacare market

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Another major health insurance company is calling it quits on the Obamacare program.

Anthem, the second largest insurer in the nation, announced Wednesday that it will no longer be selling individual health coverage under the Affordable Care Act in 2018, laying the blame on the uncertainty of federal regulations.

The move comes just one day after the latest GOP-led efforts to repeal Obamacare collapsed.

Anthem is the only health carrier in some parts of the country but has started pulling back in some of the 14 states where it operates under the Blue Cross and Blue Shield brand, according to the announcement in a Forbes report Wednesday.

Anthem’s decision to pull out of Maine’s Obamacare program in 2018 will impact about 28,700 customers, although the company’s guaranteed renewal law will allow existing members to renew their current plan. However, they will receive no financial assistance or subsidies through the Obamacare program.

Other states where Anthem has already announced they are pulling back or leaving the Obamacare marketplace in 2018 are Indiana, Wisconsin, Missouri, Nevada and Ohio.

In their statement Wednesday, Anthem said, “A stable insurance market is dependent on products that create value for consumers through the broad spreading of risk and a known set of conditions upon which rates can be developed.”

“Today, planning and pricing for ACA-compliant health plans has become increasingly difficult due to a shrinking and deteriorating individual market, as well as continual changes and uncertainty in federal operations, rules and guidance, including the restoration of the health insurance tax on fully insured coverage and continued uncertainty around the future of cost sharing reduction subsidies (CSRs).”

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