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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.
Oxford customers affected by this move are to receive notification letters in late June. They will be able to shop for replacement coverage during the open enrollment period that begins on Nov. 1.
Yippee Kai Ay.
The insurers currently approved to sell coverage through the Affordable Care Act in New Jersey are Horizon Blue Cross Blue Shield of New Jersey, AmeriHealth of New Jersey, Health Republic of New Jersey, and Oscar Health Insurance, which is available in nine counties, including Bergen and Passaic.
With competition decreasing, watch for rate hikes. Big rate hikes. Because anyone who thought "affordable care" meant lower prices is an idiot. Or a Democrat. But I repeat myself.
Donald Trump says he'll shut Obamacare down.
I think I'm ready to vote for that.
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