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Aetna to Quit 11/15 Obamacare Plans, Joining other Insurers


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2016 Aug 16, 7:11am   3,781 views  6 comments

by MMR   ➕follow (1)   💰tip ($0.10 in tips)  

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 it’s exiting, Aetna will offer individual coverage outside of the program’s exchanges.
QUICKTAKE
Obamacare, Assessed
The decision is the latest blow to President Barack Obama’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.
Aetna’s about-face on the ACA comes less than a month after the U.S. Justice Department sued to block the company’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 wasn’t prompted by the suit.

http://www.bloomberg.com/news/articles/2016-08-16/aetna-quits-most-obamacare-markets-joining-other-major-insurers

#politics #healthcare

Comments 1 - 6 of 6   

1     2016 Aug 16, 7:16am  

If Obama can't fine you for not forking over obscene amounts of hard earned money to private health insurers, Freedom has no meaning

2   turtledove   2016 Aug 16, 8:18am  

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.

3   MMR   2016 Aug 16, 10:26am  

turtledove says

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

4   zzyzzx   2016 Aug 16, 6:55pm  

It's all Obama's fault!!!

5   lostand confused   2016 Aug 16, 7:06pm  

zzyzzx says

It's all Obama's fault!!

And those loony tunes are willing to vote for Obama the II-Clinton II.

6     2016 Aug 24, 9:31am  

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!!

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