Insurance carrier closing after Affordable Care Act changes

Insurance carrier closing after Affordable Care Act changes

COLUMBIA, SC (AP) - A South Carolina health insurance company says it is closing because of changes in the Affordable Care Act leaving 67,000 individuals and businesses looking for new coverage.
    
The state Insurance Department announced Thursday that Consumers' Choice Health Insurance Co. will not sell policies in 2016.
    
The company said it is shutting down because of changes in the Affordable Care Act.
    
Insurance companies had sought $2.9 billion for covering people in so-called risk corridors last year. But they will only receive about $360 million, less than 13 percent of the request. Risk corridors were designed to ease the impact on companies of taking on uninsured people.
    
Consumer's Choice said it was announcing the closing now so customers can find other coverage by the start of the new year.

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