Feb. 14 (UPI) -- With its planned $34 billion merger with Aetna dead, insurer Humana announced Tuesday that it will not participate in the Affordable Care Act marketplace in 2018.
Humana said losses from the federal program are too great to continue offering coverage next year.
The company scaled back participation and raised premiums as part of former President Barack Obama's signature healthcare program to try and continue, officials said.
"Based on its initial analysis of data associated with the company's healthcare exchange membership following the 2017 open enrollment period, Humana is seeing further signs of an unbalanced risk pool," the insurer said in a statement. "The company has decided that it cannot continue to offer this coverage for 2018."
The company said it will continue to offer coverage in 11 states through the end of 2017.
Humana's announcement followed a federal judge's ruling to block its merger with Aetna on antitrust grounds.
Aetna, which will pay Humana a $1 billion "break-up fee," has also suggested that it may also opt out of participating in the federal marketplace next year.