ConnectiCare Benefits Inc. announced Friday the insurer is withdrawing its application to offer health insurance in the small-group market on a public health exchange formed in Connecticut as part of the Affordable Care Act.
ConnectiCare Benefits will focus on the individual market, the company said. The Farmington health insurer will continue to monitor the small-group market for Access Health CT, the state exchange, and might take part in the market in the future.
“… we believe that we should focus on the needs of individual purchasers on the Exchange,” ConnectiCare President Michael Wise said in a prepared statement. “We remain committed to the success of Access Health CT, and are excited about partnering with Access Health CT on the individual Exchange in 2014.”
As part of federal health care reform, states are establishing online marketplaces for health insurance, sometimes called public exchanges. Private health insurance plans will be available for sale through the exchange on Oct. 1 in Connecticut for coverage the following year.
Aetna, Anthem Blue Cross and Blue Shield in Connecticut, ConnectiCare Benefits, HealthyCT and UnitedHealthcare all submitted proposed rates. Aetna and ConnectiCare Benefits are offering only individual plans, UnitedHealthcare is offering only small-group plans and the other two are competing in both markets.