2016 Aug 16, 7:11am
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Health insurer Aetna Inc. will stop selling individual Obamacare plans next year in 11 of the 15 states where it had been participating in the program, joining other major insurers that have pulled out of the government-run markets in the face of mounting losses.
Aetna will exit markets including North Carolina, Pennsylvania and Florida, and keep selling plans on state exchanges only in Iowa, Delaware, Nebraska and Virginia, according to a statement Monday evening. In most areas itâ€™s exiting, Aetna will offer individual coverage outside of the programâ€™s exchanges.
The decision is the latest blow to President Barack Obamaâ€™s signature domestic policy accomplishment. While the Affordable Care Act, known as Obamacare, has brought coverage to millions, the new markets have proven volatile for some of the largest for-profit insurers. Aetna said earlier this year that it expected to lose $300 million on the plans. UnitedHealth Group Inc. and Humana Inc., which Aetna has agreed to buy for $37 billion, are also pulling out after posting hundreds of millions of dollars of losses.
Aetnaâ€™s about-face on the ACA comes less than a month after the U.S. Justice Department sued to block the companyâ€™s plan to purchase Humana. The DOJ said the combination would harm competition for private Medicare plans and for ACA health plans. Aetna has said its revised stance on the ACA wasnâ€™t prompted by the suit.
If Obama can't fine you for not forking over obscene amounts of hard earned money to private health insurers, Freedom has no meaning
I don't know how anyone thought this would work. You have this massive system with many, many moving parts. They focused on one little part of an enormous, complicated problem and expected magic to happen. If the premiums paid don't equal the costs, you either focus on reducing the costs or you raise the premiums. The biggest offenders of the cost problem, hospital corps. and pharma, were given a free pass. The only people who took a haircut were the easy targets... those who have no power to argue against predetermined reimbursement tables. So they really tightened the cost reigns on the small potatoes and now wonder why it didn't fix the problem. Yes, let's pretend that the whole rise in healthcare costs is due to office visits and procedures.
The biggest offenders of the cost problem, hospital corps. and pharma,
Of course, they had the most input into writing the legislation, but probably more pharma and insurance, to be exact
It's all Obama's fault!!!
It's all Obama's fault!!
And those loony tunes are willing to vote for Obama the II-Clinton II.
Look, the media doesn't have time to cover this minor little story.
OMG DID YOU HEAR WHAT TRUMP SAID? IT WAS MEAN AND OFFENSIVE!!