Aetna will pull out of the ten counties in Kentucky where it offers exchange coverage, starting in 2017.
The company said Monday that it lost $430 million since January 2014, when Kentucky and many other states started offering plans on their state exchanges.
The departure leaves Boone, Campbell, Owen and Kenton counties with only two exchange plans. The other affected counties are Fayette, Jefferson, Madison, Henry, Oldham and Trimble. Aetna will continue to offer small group and an off-exchange individual coverage for 2017.
Aetna spokesman Rohan Hutchings says the company will notify customers before open enrollment in November about their options. But they’re likely to lose some current benefits.
The departure means consumers will have fewer insurance choices. They may already face dramatically increased premiums.
The Kentucky Department of Insurance has approved 2017 insurance rate increases of up to 22.9 percent for Anthem Health Plans and up to 27.9 percent for Baptist Health Plan customers, among others.