INDIANAPOLIS, Ind. -- Major health insurers are leaving the federal health insurance marketplace. First it was big names like United Healthcare and Humana. Now you can add Indiana University Health Plans to the list of insurers making a swift exit.
In an announcement this week IU Health Plans President James Parker said "The changes are necessary to adapt to new market dynamics and potential federal responses to withdrawals by many companies nationally from the federally facilitated marketplace."
Many insurers have pulled out because its hard to make money in the federal marketplace that's geared toward low income Americans. They've found the patients have more illnesses so they're shelling out more money caring for them at a discounted rate.
About 23,000 people will have to find a new health insurance plan.
"So for Americans and what that translates to everyday Americans is we have less choice. We have higher prices. We know with less choice and less competition in the marketplace that's going to impact the quality that Americans receive in their healthcare," said Seema Verman, President and Founder of SVC, Inc.
Anthem for example, one of the state's largest insurers, is requesting an average increase of 29 percent for marketplace plans.
But that doesn't mean you'll be left out.
"Those people are still not lost because there are still so many plans still on here."
However - families should prepare to pay more and possibly find a new doctor if your plan is no longer on the marketplace.
"I know that there are other plans those people can move on to that will cover them the same and you know no one will fall through the cracks," said Joakima Doss, health insurance navigator with Covering Kids & Families of Indiana.
IU health providers will be available for purchase in 2017 on the marketplace through CareSource and MDwise.
To learn more about the IU Health Plans click here.
Open enrollment begins November 1. Covering Kids and Families of Indiana says with the looming changes users should sign up for healthcare sooner to navigate any questions.