Harken, a subsidiary of UnitedHealthcare, said Thursday it will not offer plans on the exchange next year. Insurers Aetna, UnitedHealthcare and Land of
"It's just another reduction in options for
Harken's departure will leave
Harken will continue to offer individual plans for purchase off the exchange, but consumers who buy those plans won't be eligible for government subsidies. Harken also is leaving
Harken "remains committed to our innovative model of insurance paired with access to relationship-based care, and we look forward to continuing to offer plans to individuals and employers who purchase coverage outside of the exchange," spokesman
Harken did not address the reason for its exit but other insurers that have left have cited financial struggles on the exchange. In addition to several other insurers
announcing their exits, premiums also are expected to climb significantly next year for individual, on-exchange plans.
Some don't think Harken's exit will dramatically affect
Harken declined to say how many on-exchange, individual members it had this year, but in a recent filing with the state it said it expected its proposed rate increases for next year for exchange plans to affect 22,845 people.
(c)2016 the Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by Tribune Content Agency, LLC.