Health insurer Molina to exit two Obamacare state markets, slash workforce

Health Care Reuters

(AP)

Molina Healthcare Inc said on Wednesday it would stop selling Obamacare plans in Utah and Wisconsin, joining a slew of health insurers that have exited Obamacare markets amid uncertainity over the healthcare law.

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Molina's decision comes two days after President Donald Trump took aim at insurers by threatening to cut the healthcare subsidy payments that make Obamacare plans affordable, after repeatedly failing in his efforts to dismantle former President Barack Obama's healthcare law.

As part of its restructring plan, Molina said it would also lay off about 1,500 corporate and health plans employees by the end of this year and would reduce its annualized run-rate expenses by about $300 million to $400 million upon closing of the restructuring plan in 2018.

(Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel)

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