PHOENIX — Metro Phoenix will be losing one of two major health insurance options in the federal marketplace.
Phoenix Health Plans CEO Matt Cowley said in a statement Friday that the company will exit the public exchange next year because of “economic challenges and underlying risks.”
The decision means Cigna would be the only insurer expected to offer Affordable Care Act plans in Maricopa County.
Arizona Department of Insurance spokesman Stephen Briggs says it is too soon to say if residents will be relegated to one choice.
Briggs says it is possible some insurers have filed with his agency but the filings are still confidential.
Phoenix Health Plans filed notice in May seeking a large premium boost of nearly 123 percent.
Roughly 120,000 Maricopa County residents are covered through the marketplace.
U.S. Health and Human Services press secretary Marjorie Connolly says the department is confident that residents will have access to coverage next year and is continuing to work with the state.