A major insurer on the day of Wednesday reported a major drop in the number of Obamacare customers it has.
Humana reported in its latest 4th quarter 2016 earnings Wednesday that complete enrollment in the individual market, which involves Obamacare’s exchanges, dropped by 69% in the month of January 2017 compared to the month before.
The company stated on the day of Dec. 31 that it had about 450,800 in the individual market, which involves Obamacare’s marketplaces. Although, in the year of January 2017 membership dropped by 69% to 204,000.
Humana lowered its presence in Obamacare from offering plans in fifteen states to merely eleven states in the year of 2017 because of mounting financial losses, but the company said the decline is not just because of pulling out of 4 states. The decline depicts “membership declines during the ongoing open enrollment period for healthcare exchanges” as well.
Open enrollment for Obamacare ended on the day of Jan. 31. Full totals are not available yet, but healthcare.gov reported lower enrollment of 9.2 million in contrast to 9.6 million for the 2016 open enrollment season.
Residents in thirty-eight states and the District of Columbia use healthcare.gov to sign up for Obamacare. The total does not reflect the twelve state-run exchanges.
Overall, Humana reported losing $486 million in the 4th quarter of 2016.
Humana is not the mere insurer to decrease its Obamacare plans and Obamacare customers. Aetna and UnitedHealth both withdrew from a majority of its offerings for this year.
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