United Healthcare Leaving Michigan
Michigan will become the third state that the nations largest healthcare insurance provider, United Healthcare, will close it’s doors because of catastrophic losses associated directly with the Affordable Care Act.
According to Angela Miller, a spokeswoman for the state’s Department of Insurance and Financial Services, United Healthcare will no longer sell policies through the Obamacare exchanges. The company announced just last week that it was also pulling out of Arkansas and Georgia.
United Healthcare began signaling months ago that it’s participation in Obamacare and the insurance exchanges could be in peril because of spiraling costs and the company posting huge loses. United Healthcare is set to release it’s latest profit and loss numbers April 19th.
The decision will likely affect tens of thousands of Michigan residents who will now be forced to find new coverage and comes after the Obama Administration pulled the plug on co-op insurance companies nationwide including Consumers Mutual Insurance in Michigan last fall.
The fallout and how many Michigan residents are negatively affected or if they will be forced to pay higher premiums is yet to be seen.