Humana says it will pull out of Obamacare for 2018 – the first major insurer to ditch under President Donald Trump, who has promised to repeal the healthcare law.
The risks are too great, the company said in a press release Tuesday.
"All of these actions were taken with the expectation that the company's individual commercial business would stabilize to the point where the company could continue to participate in the program," Humana said in its statement.
"However, based on its initial analysis of data associated with the company's healthcare exchange membership following the 2017 open enrollment period, Humana is seeing further signs of an unbalanced risk pool. Therefore, the company has decided that it cannot continue to offer this coverage for 2018."
Humana will exit in all 11 states where it sells individual policies, both on the Obamacare exchange and outside of it, CNN Money reported.
In the wake of the news, Trump tweeted the decision was another example of the failure of the Affordable Care Act.
The company does not hold out any hope for more detail on the Republicans' plan for repealing and replacing the Obamacare plans in the near term, CNBC reported.
"We're really feeling that this organization needs to stay focused on what we do well," Humana CEO Bruce Broussard told analysts in a conference call, adding the company cannot do that with Obamacare plans, CNBC reported.
"I think with that particular program, the way it is designed today, and most likely the way it is designed in the future, will limit our ability . . . to get back into that marketplace."
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