UnitedHealth Group, the largest U.S. health insurer, announced Tuesday that as of 2017 it would minimize its active participation in Affordable Care Act insurance exchanges to just a "handful" of the 34 states where it currently offers individual plans. The company warned in November that this may happen as the market ended up being smaller and financially riskier than anticipated. CEO Stephen Hemsley forecasted in an earnings call Tuesday that 2016's expected losses on exchanges are now up from $125 million to $650 million.
UnitedHealth currently insures 795,000 of the 12.7 million people insured through the state and federal marketplaces.
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