ConnectiCare said on Monday it will not sell on the Access Health CT exchange next year.
The insurer terminated its agreement with Access Health CT, commonly known as Obamacare, on Monday.
The decision comes days after the insurance department denied a more than 27 percent rate increase for its individual health plans.
ConnectiCare said without the rate increase it cannot afford to participate in the state's insurance exchange.
State and Access Health CT officials said a letter was sent to the exchange by ConnectiCare, saying they would be terminating their agreement and exiting the state’s healthcare exchange.
In a statement, Lt. Gov. Nancy Wyman and Chair of the Board of Access Health CT and Jim Wadleigh, CEO said “Access Health CT’s number one priority has always been and continues to be our customers. We are a national leader in healthcare because we are 100 percent committed to ensuring that Connecticut residents have access to affordable, high quality healthcare. ConnectiCare’s decision is certainly a challenge, but AHCT will continue to adapt to the changing healthcare market with an eye on ensuring our consumers the best options.”
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