Molina Healthcare says it will exit the Affordable Care Act's insurance marketplaces in Utah and Wisconsin, citing costs that contributed to hefty losses for the health insurer in the second quarter.
The Long Beach, California-based company also said Wednesday that it expects the performance of its remaining ACA marketplaces will fall substantially short of previous expectations in the second half of the year.
The company is reviewing its participation in other state health exchanges, noting that the performance of its marketplaces in Florida and Washington have been among the most disappointing.
Molina also plans to increase 2018 premiums for its remaining ACA marketplace plans by 55 percent.
The company also said it has launched a restructuring plan that includes the laying off 1,500 employees, or 10 percent of Molina's workforce.