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Health insurer Anthem Blue Cross Blue Shield has announced its decision to completely exit Nevada Obamacare exchange next year.
The company stated that it will reduce its 2018 individual plan offering in Nevada and will only offer an off-exchange catastrophic medical plan statewide.
"After significant dialogue with state leaders and regulators Anthem Blue Cross Blue Shield has made the difficult decision to revise our rate filing for our 2018 Individual plan offerings in Nevada," the company said in an Aug 7 statement.
It added that despite taking certain measures to address these long-term challenges "the individual market remains volatile."
"A stable insurance market is dependent on products that create value for consumers through the broad spreading of risk and a known set of conditions upon which rates can be developed. Today, planning and pricing for ACA-compliant health plans has become increasingly difficult due to a shrinking and deteriorating individual market, as well as continual changes and uncertainty in federal operations, rules and guidance, including cost sharing reduction subsidies and the restoration of taxes on fully insured coverage."
Nevada Governor Brian Sandoval has strongly reacted to the "abrupt" exit of one of the major health insurer in the state.
"I am frustrated and disappointed with Anthem’s surprise and abrupt decision to leave the healthcare exchange especially during uncertain times," Sandoval said in a statement.
"This is a significant blow to the state’s individual marketplace, however, residents in Washoe, Clark and Nye Counties who have purchased from the state-based exchange will still have two providers to purchase from during the next open enrollment period.
"My office is in regular contact with the two remaining providers in order to ensure there will continue to be options for the more than 80,000 Nevadans who purchase insurance through the Silver State Health Insurance Exchange. These efforts include working to find a solution for the individuals and families in potential so-called ‘bare counties’," Sandoval added.
Anthem Blue Cross Blue Shield, Nevada, Obamacare, Affordable Care Act, Health insurance, US