California's health insurance purchasing pool, called Pacific Health Advantage or PacAdvantage, on Friday said it will shut down at the end of the year because too many health insurance providers have withdrawn from the program.
The pool, created in 1982, aimed to make a affordable health insurance plans more available for businesses with between two and 50 employees. Blue Shield of California told PacAdvantage officials that it would withdraw from the program on Dec. 31, because of financial losses.
Blue Shield was the eighth insurer to withdraw from the program since it was created.
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