PORTLAND (AP) — A health insurer has canceled its plans to join the Affordable Care Act’s health insurance marketplace in Maine, citing financial concerns.
Aetna had filed paperwork in May to join Anthem, Harvard Pilgrim and Community Health in the ACA marketplace. But the company this month filed notice with the Maine Bureau of Insurance canceling its plans.
Aetna will still offer individual plans outside the marketplace.
CEO Mark Bertolini says the decision is part of Aetna’s national strategy to pull back from the ACA marketplace for financial reasons.
Maine Public Broadcasting Network reports the company lost $430 million on the ACA plans in the first half of the year. The company covers about 900,000 people through the exchanges.
The company says it may re-enter the markets in the future.
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