UnitedHealth is leaving most of the Obamacare exchanges where it has been selling policies. Does this mean insurance companies are losing confidence in the program? Is Obamacare about to enter a death spiral?

Almost certainly not.

Most other insurers are staying put. And Cigna, for one, plans to expand its presence on the exchanges into new markets.

Cigna's CEO, David Cordani, sees the possibility of even more expansion over the next few years if the planned merger with Anthem goes through. In his view, the exchanges are still in version 1.0. There is a long way to go, and many changes and upgrades to be made, before the final verdict on their long-term viability is in.

These are interesting developments. One company tries a new market and leaves. Another likes it and stays. Others wait to see how things play out.

That's what free markets look like.


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