(FREEBEACON) -- Minuteman Health of Massachusetts and New Hampshire announced it is withdrawing from the Affordable Care Act exchanges in 2018, leaving only four co-ops in operation. The co-op will stop writing business on January 1 and organize a new company, Minuteman Insurance Company, instead.
The company cited issues with Obamacare's risk-adjustment program, which is the program that shifts money away from those with healthier customers to those with sicker enrollees. Minuteman Health said that the negative impact of this program had been "substantial."
"Unfortunately, the program has not worked as intended," the company said. "It has been difficult for insurers to predict their risk-adjustment obligations, which has led some to withdraw from the ACA market."
Advertisement - story continues below