Choices? You now have fewer.
The number of insurance companies offering health coverage via the Affordable Care Act marketplace in New Jersey will dip to four next year when Oxford Health Plans, a subsidiary of UnitedHealthcare, pulls out.
UnitedHealthcare, the nation’s largest insurer, announced in April that it would leave the Obamacare marketplaces next year in most of the 34 states in which it offered coverage. High health costs for the small number of people who signed up in those markets led it to project $650 million in losses this year, the company reported. The company did not reveal its plans for New Jersey at that time.
A state insurance official notified the company on Tuesday 5/17 that the withdrawal of its HMO offerings was approved, to take effect on Jan. 1. The HMO will no longer be offered either on healthcare.gov or in the state’s unsubsidized individual market.
There goes my plan.
I liked it. But, I can’t keep it.
Of course I liked my pre-Obamacare plan better, but I couldn’t keep that either.
Just a side note here why is it, if the goal of O-Care is to ensure everyone, and make it more affordable, would the law limit Americans to ONLY three months in which they can buy insurance? I think we know that answer