2016 has been a confusing one for many Americans who question the security of their health insurance providers. As major companies like UnitedHealthcare are swiftly withdrawing from certain exchanges nationwide and some smaller companies are going out of business, the idea of losing Health Insurance Marketplace coverage due to a provider closing up shop is not unheard of.
However, may get a much-needed boost, as Cigna plans to enter their local exchange. The health insurance giant will enter the exchange on November 1 (the ACA’s enrollment date for 2017 coverage), pending approval from Illinois health care regulators.
While items such a premium rates and plans are still in the works, the addition of Cigna provides some much needed competition in the Illinois market, despite Cigna only currently eyeing Chicago as the location of plans availability.
This news arrives on the heels of less than exciting announcements that UnitedHealthcare has pulled out of Illinois, Aetna has ended their PPO offerings in the state, and local start-up Land Of Lincoln Health has closed its doors after only three years.
While some insurers cite losses due to the Affordable Care Actas the biggest reason for exiting various markets, companies like Cigna prove that opportunities are available, especially in competitive territories.
