10/13/2013

Obamacare: 9 companies exit Nebraska’s health insurance market

So you get to keep your insurance if you are happy with it?  From Fox News:
Nine insurance companies are pulling out of Nebraska's major medical insurance market, and some of them cite Obamacare as the reason for their departure.  
Seven of the nine companies have notified the state of their plans to leave since August. Most of them have a minor piece of the major medical market in Nebraska, and likely don't think it's worth it to make the changes necessary to comply with the federal health care law.  
As Obamacare shifts into a higher gear, all Americans must buy health insurance or pay a fine beginning in January. Insurance companies selling individual plans can no longer sell cheaper, bare-bones plans, must offer an array of benefits and cannot deny people coverage because they're sick or old.  
Aetna, American Family Mutual Insurance, Humana, Independence American Insurance Company, Reserve National Insurance Company, Standard Security Life Insurance Company of New York, Companion Life Insurance and United Security Life and Health Insurance have all informed the state insurance department of their intent to stop selling health insurance to individuals - and in some cases - groups. . . . .
UPDATE: Nor is Nebraska alone.  Here is something from the LA Times:
Some prominent health insurers, including industry giant UnitedHealth Group Inc., are not participating in California's new state-run health insurance market, possibly limiting the number of choices for millions of consumers. 
UnitedHealth, the nation's largest private insurer, Aetna Inc. and Cigna Corp. are sitting out the first year of Covered California, the state's insurance exchange and a key testing ground nationally for a massive coverage expansion under the federal healthcare law. . . . 
A piece in the WSJ makes the cause of these exits clear.
Insurance-industry experts say similar moves by other carriers in other states may emerge in coming months, as companies with limited market share decide to avoid the uncertainty tied to the law's changes. . . . 

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