Health insurance provider Cigna Corp is reportedly deciding whether or not it will offer plans on the Obamacare exchanges in 2018.
Cigna Chief Executive Officer David Cordani told reporters Thursday that the company has yet to decide whether or not it will offer plans on the Obamacare exchanges.
The health insurance provider offers Obamacare exchange plans in only 7 states in 2017. Cigna currently provides some 350,000 individuals with health insurance plans, with a majority of those plans complying with Affordable Care Act standards.
Across the U.S., insurers face the same difficult decision: offer plans on Obamacare exchanges and take the risk of incurring substantial profit losses, or pull out of exchanges entirely.
Blue Cross Blue Shield of Kansas City announced Wednesday morning it will no longer offer or renew insurance plans on the city’s Obamacare exchange next year in Kansas or Missouri. (RELATED: Major Insurance Company Pulls Out Of Kansas City)
The company is experiencing rising operating costs which have made it such that providing plans on the Kansas City Obamacare exchange is no longer profitable.
“Like many other insurers across the country, Blue KC has faced many challenges in this market,” the statement said. “Through 2016, the company lost more than $100 million in this market, which is unsustainable.”
Some major insurance companies have stopped offering plans on Obamacare exchanges nationwide.
Aetna announced in early May that it will stop offering Obamacare exchange plans in 2018, making it the latest major health insurance provider to completely opt out of former President Barack Obama’s landmark health care legislation. (RELATED: Aetna Ditches Obamacare Entirely)
The company cited massive losses among exchange participants and projects the problems to increase over the short term. Aetna will also cease to sell individual plans in Nebraska and Delaware.
Aetna is not the only insurance company leaving Obamacare exchanges. Humana announced in February that it will pull out of the exchanges entirely in 2018. It was the first major insurance provider to opt out of Obamacare under President Donald Trump.
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