The Cignal Healthcare insurance company announced on Friday that it will be shutting down its U.S. operations and will stop providing its health insurance products to its members.
The move comes amid growing concerns over rising costs for the insurer, which is now one of the largest health insurers in the country.
The company is a subsidiary of French health insurer Cignon and has been in existence since 1993.
Cignas insurance plans, which are typically offered to people with health insurance, are a good fit for most Americans, and some states offer them as a low-cost option for retirees and people with lower incomes.
But a new analysis from the Kaiser Family Foundation found that the Cignan plan is among the least affordable, and that its premiums were far too high for many Americans.
The analysis, which examined the premiums for more than 13 million people, found that a Cignaw health insurance policy for a single person on average costs $1,058 in 2020, $2,742 in 2026 and $4,971 in 2028.
That is more than twice the annual cost of an employer-provided plan for the same age and income, according to the analysis.
Among those who receive Cigno’s health insurance in 2020 and 2026, the average premium is $1.25, or about four times the average annual income for a household earning about $53,000.
The average deductible for a CIGNo plan is $2.8 million in 2020.
The CIGNa Health Plan was not a “high-deductible” plan.
In fact, the analysis found that even after excluding the deductible and the maximum out-of-pocket cost of $6,000, the total out- of-pocket costs for a 20-year-old on Cignos plan were nearly twice the amount that the median family earning about the same income had to pay to insure their own family.
In 2020, Cignofans out-year premium was $4.2 million, or roughly $3,600 more than the average family earning the same amount.
In 2026 the average cost for the family on CIGNobans plan was $5,095, more than double the average income for that same family.
The premium increases were not entirely unexpected.
After years of declining profit margins and declining coverage, the company’s revenue has been on the decline for years.
Its total revenue fell by 12.4% in 2016 to $3.7 billion.
Its operating loss was $3 billion in 2017, and its profits fell by 6.2% to $2 billion.
CIGNabas insurance is offered to individuals, families and small businesses.
It is also a part of the American Health Care Act, which President Donald Trump has promised to repeal.
He has said that the health care law will provide coverage to millions of Americans.