It looks like we will have even fewer options at a much higher price for individual health insurance for 2017. According to the Forbes article health insures are fleeing the Obamacare exchanges because of financial losses. A recent McKinsey & Co. survey found that health insurers selling in the individual market—where individuals buy their own coverage, usually through Obamacare exchanges—lost $2.7 billion in 2014. Those loses only compounded in 2015.
- The Hill reports that Humana “is pulling out of Obamacare plans in all but a handful of states after a year of nearly $1 billion in losses.”
- Aetna said it lost about $140 million on the individual market in 2015.
- The Texas Blues Cross parent company, which controls Blues plans in five states, lost a reported $2 billion—$720 million just in Texas.
- Oscar, a start-up health insurer that was supposed to bring new thinking to the individual health insurance marketlost $105 million on Obamacare exchanges in 2015—and that was in just two states, New York and New Jersey
- UnitedHealthcare, the largest health insurer, reported last January that it lost $720 million in 2015 selling individual health insurance on the Obamacare exchanges. And about $1 billion when 2014 and 2015 were combined.
- And 16 of the 23 nonprofit Obamacare co-ops—which were the left’s consolation price for not getting their “public option”—have gone under, with more collapses on the way.