In 89 of the 499 markets selling health plans under the Affordable Care Act, the insurance companies that offered the most inexpensive deal in the “silver” category in 2015 will discontinue those plans in 2016, according to analysis from the McKinsey Center for the U.S. Health System Reform.
However, these numbers may even be an underestimate, because McKinsey only examined the larger market areas that insurance companies use to set their rates, not individual counties, according to NYT.
The reason behind most of these exits is failed insurance co-ops, while other insurers decided to pull out of certain markets, NYT reported. People in these plans must go back into the marketplace and find a new one for the upcoming year. At the same time, McKinsey research finds that 80 percent of federal marketplace shoppers could experience significant savings on premiums if they shop around and switch plans.
More articles on payer issues:
CMS: Consumers received over $2.4B in premium rebates since 2011
Poor reimbursement rates slow telehealth growth
Aetna, Anthem says business on the exchange is as expected
