Humana is reportedly exiting the Colorado group insurance market, Colorado Politics reported Oct. 24.
Though the company has made no formal announcement, it told brokers in a Sept. 19 letter that it would end group coverage by June 30, 2024 and will continue to sell Medicare Advantage, dental and vision plans in the state.
"All employer group medical plans for fully insured and self-funded (LFP and ASO) will be discontinued, which includes medical PPO, HMO, NPOS, and Indemnity plans for community rated and non-community rated," the letter said.
A 2019 Humana news release said the company has 183,000 total members in Colorado, but Gov. Jared Polis' office told Colorado Politics that only a small number of members have group policies.
"Colorado's small and large group health insurance markets, where Humana offers coverage, are highly competitive markets. As of the most recent data reported to the Division of Insurance, Humana only had approximately 3 percent of the small group market and 0.5 percent of the large group market for a combined total of approximately 18,000 lives," a spokesperson said. "As reflected by that low market share and as Humana stated in their announcement, Humana simply was not able to compete in Colorado’s highly competitive market."