PresbyterianHealth Plan Inc. is pulling out of the Affordable Care Actmarketplace in New Mexico in 2017, the AlbuquerqueJournal reported, citing company officials.
Presbyterian Health Plan President Brandon Fryar said thehealth insurer's decision to stop offering individual and family policies onthe ACA marketplace stemmed from the higher medical costs they experienced frompatients who bought their plans on the exchange. He said the move will affect10,000 exchange members, 80% of whom receive federal subsidies, according tothe report.
The health insurer also plans to propose an average premiumincrease of 21% on its non-exchange, individual plans. It had requested anaverage 30% increase on its exchange plans before it decided to exit.
Presbyterian Health Plan joins the list of insurers exitinghealth insurance exchanges. UnitedHealth Group Inc. earlier announced that it would withdraw from most of the publicexchanges. Humana Inc.decided to exit theindividual exchange marketplaces in Alabama, Virginia, Kansas and Wisconsin.