Comment by lotsofpulp

> Why do people believe this?

Because there are.

UNH/Elevance/CVS/Cigna/Humana/Centene/Molina are just the biggest publicly listed ones. They might not all offer plans in all states on the exchange, but there’s a decent amount of competition for employer subsidized plans.

The low single digit profit margin proves the competition exists such that the sellers don’t have pricing power to earn a higher profit margin.