To get a better picture, it might be worthwhile to look at two other states that have come out with their exchanges and rates recently: Oregon and Washington state. A silver plan with Cover Oregon for a single, non-smoking 40-year-old living near Portland runs as low as $2,650. A similar plan in Washington will run as low as $3,200 per year.
In Oregon, Health Net, Inc. (NYSE:HNT) is the only publicly traded company, of roughly 15, taking place in the exchange. In Washington, Molina Healthcare, Inc. (NYSE:MOH) was the only publicly traded of five taking part. So the same problem that Sean noted with California still exists: the lack of a Big Three insurance player.
Nationwide, when it comes to individual insurance, WellPoint, Inc. (NYSE:WLP) has the highest market share, at 14%. UnitedHealth is actually second, with 12%, and Kaiser — which is participating in the markets of all three western states — comes in third, with a 10% share.
As it stands, two of the three largest individual players are involved. UnitedHealth is the only one sitting on the sidelines for now. Interestingly, it was UnitedHealth that came out in 2012 saying that it would preserve many parts of Obamacare regardless of whether it passed the Supreme Court.
Where does that leave us?
Because Aetna and Cigna were completely insignificant in the three states that have released rates, it’s hard to draw any hard and fast conclusions. For now, it’s certainly a win for west coasters who won’t have to shell out nearly as much as others had anticipated. Whether that turns out to be the long-term case remains to be seen.
The article Will Obamacare’s California Victory Carry Over? originally appeared on Fool.com.
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