Humana announced on Tuesday that it would no longer offer health insurance coverage in the state marketplaces created under the federal health care law, becoming the first major insurer to cast a no-confidence vote over selling individual plans on the public exchanges for 2018. President Trump immediately seized on the company’s decision as evidence that the Affordable Care Act needed to be repealed and replaced. “Obamacare continues to fail,” he said on Twitter. The company’s decision is...

The subsidies at the heart of an Obamacare dispute are back in court today. In April, we described the stakes for the case, and the preferences of the players. Now that the case has reached a possible turning point, we’ve updated our analysis. Cost-sharing reductions seem like an arcane aspect of the Affordable Care Act, but they could now make or break the Obamacare insurance marketplaces. Even President Trump has been talking about them, as a possible bargaining chip to help pass the...