UnitedHealth is withdrawing from most of the 34 ObamaCare Exchanges in which it currently sells, citing losses of $650 million in 2016. A recent Kaiser Family Foundation report indicates UnitedHealth’s departure will leave consumers on Oklahoma’s Exchange with only one choice of insurance carriers.
Michael Cannon of the Cato Institute explains five results of UnitedHealth’s withdrawal from the exchanges:
1. UnitedHealth’s departure shows ObamaCare is suffering from self-induced adverse selection.
2. UnitedHealth’s departure is bad news for other carriers.
3. UnitedHealth’s departure shows ObamaCare premiums will continue to rise.
4. There will be more exits.
5. UnitedHealth’s departure shows quality of coverage under ObamaCare will continue to fall.
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