Physicians Health Plan to stop offering individual coverage

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FORT WAYNE, Ind. (AP) Another health insurance company says it’s leaving the Affordable Care Act marketplace in Indiana for 2017, reducing competition and forcing more than 6,000 customers to switch to other coverage.

Physicians Health Plan of Northern Indiana announced its departure Tuesday, calling it a business decision to avoid “millions of dollars in losses.”

The nonprofit will continue to sell small group plans, but is dropping all its individual products, both on and off the exchange.

The (Fort Wayne) Journal Gazette reports the company’s exit leaves four insurers offering individual policies through in the Fort Wayne area. Earlier, UnitedHealthcare announced it would leave.

Major insurers have pulled out of many state exchanges over rising costs. Federal officials have said they’re confident consumers will continue to find affordable options.

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