Today, we’re sharing a post from the September 2 edition of the Phoenix Business Journal updating you on the state of the Arizona insurance marketplace. Enjoy!
Now that Phoenix Health Plans Inc. is bailing out of the Obamacare health insurance marketplace, Cigna Healthcare of Arizona Inc. is the only one left in Maricopa County.
This gives Cigna access to 127,000 individuals who currently are enrollees of the Affordable Care Act's exchange in Maricopa County.
But whether Cigna stays is yet to be seen.
"As in past years, Cigna's participation in the public marketplace exchanges is contingent upon market conditions and approval of our regulatory filings," said Joe Mondy, spokesman for Cigna (NYSE: CI). "We are currently reviewing our plans with regulators, and will provide further insight after this process has concluded."
Marjorie Connolly, press secretary for the U.S. Department of Health and Human Services, said Arizona residents need not worry.
“We are working collaboratively with the Arizona Department of Insurance and remain confident that all Arizona residents will have access to coverage next year," she said.
Over the past year, major carriers have dropped out of the exchange marketplace, citing huge financial losses.
Phoenix Health Plans is the most recent to leave the marketplace.
"We have decided to discontinue our health insurance exchange products based on the economic challenges and underlying risks of the products," said Matt Cowley, CEO and president of Phoenix Health Plans. "We are focused on continuing to serve the needs of our members and will assist them with transitioning to other coverage options for 2017."
Phoenix Health Plans will continue to offer coverage for 51,800 Medicaid members under contract with the Arizona Health Care Cost Containment System.
