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Tuesday April 15th 2014

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United to Exit Individual Market in California

Healthcare ReformThe 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. Both companies will keep a major presence in California, focusing instead on large and small employers. The moves illustrate how different companies are responding to a major overhaul of the health insurance market for millions of consumers according to a recent report in the Los Angeles Times.