Largest California Insurer Leaves Market In Advance Of ObamaCare
Remember this?
Or this?
Well, Obama’s promise is turning out to be quite hollow.
Last week, the Associated Press reported that more companies were planning on leaving the market or having their policies cancelled because of ObamaCare’s onerous regulations. Now this week, a (very large) shoe has finally dropped.
“The nation’s largest health insurer, UnitedHealth Group Inc., is leaving California’s individual health insurance market, the second major company to exit in advance of major changes under the Affordable Care Act.
‘UnitedHealth said it had notified state regulators that it would leave the state’s individual market at year-end and force about 8,000 customers to find new coverage. Last month, Aetna Inc., the nation’s third-largest health insurer, made a similar move affecting about 50,000 existing policyholders.”
Stating the obvious, the California State Insurance Commissioner said that insurance companies dropping out of the market will make it harder for consumers.
Chalk it up to yet another ObamaCare broken promise.