UnitedHealthcare, the largest insurance company in the U.S., struck perhaps its largest symbolic blow yet to the Patient Protection and Affordable Care Act (PPACA). It has announced it will withdraw from California’s insurance exchange.
The company has already said it plans to stop offering plans on a number of state exchanges starting next year, but its abandonment of Obamacare business in the nation’s largest state is by far its largest surrender.
UnitedHealth is now planning to only participate in six state exchanges next year. Exchanges in three states — New York, Nevada, and Virginia — will offer UnitedHealth plans, while HarkenHealth, a UnitedHealth subsidiary, will offer plans “on a limited basis” in Florida, Georgia, and Illinois exchanges.
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