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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAetna to pull out of most Obamacare exchanges
In the latest blow to Obamacare, Aetna is vastly reducing its presence on the individual exchanges in 2017.
The insurer will stop offering policies on the exchanges in 11 of the 15 states where it currently operates, according to a press release it issued Monday evening. Aetna will only sell Obamacare products in Delaware, Iowa, Nebraska and Virginia.
Aetna said earlier this month that it was halting its exchange expansion plans for 2017 and reviewing its participation in President Obama's signature health reform program. The company noted Monday that it has lost $430 million in its individual policies unit since the exchanges opened in January 2014.
Aetna, which had 838,000 exchange customers at the end of June, said its policyholders are turning out to be sicker and costlier than expected. The company, along with its peers, has criticized the federal program designed to mitigate those risks.
"Providing affordable, high-quality health care options to consumers is not possible without a balanced risk pool," said Aetna CEO Mark Bertolini.
The company will continue to offer individual policies outside of the Obamacare exchanges in the vast majority of markets where it now does business. Off-exchange products are not eligible for federal subsidies.
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read:http://money.cnn.com/2016/08/15/news/economy/aetna-obamacare/
msongs
(67,420 posts)public option and tell aetna to eff off
cali
(114,904 posts)Nuclear Unicorn
(19,497 posts)We have been told emphatically over and over again how this was the best we could hope for even with a supermajority in the Senate and that anything more was just us being foolish and naïve. Never mind the GOP, we had spoilers in our own ranks. What will be our new sales pitch?
"Sorry that last big plan collapsed but this time we totally know what we're talking about -- this time. Don't listen to the GOP claiming credit for predicting its collapse, they don't know what they're talking about. And please don't pay attention to the endless commercials of the leader of our party declaring we'll 'never, ever' have single payer; that's just a thing she said to get past the primaries."
The jokes rekindling the website launch debacle alone will cost us 5 points in the polls.
We got ACA passed by the skin of our teeth. We'll be running a deficit on credibility going into a fight for SP/PO. Moving on to SP/PO is a daydream we told ourselves to allow us to close our eyes and swallow this nonsense.
ismnotwasm
(41,990 posts)In Washington state we have nearly 3 million people newly insured, thanks to the ACA, and while Aetna--my place of employment dropped THEM because of pricing, among other things--will not affect Washington, there are areas where this action will leave people scambling for insurance. Some of these people have insurance for the first time in their lives.
Universal healthcare is the actual goal, how we get there is the question, leaving people without insurance for any reason is not the answer.
area51
(11,911 posts)without a balanced risk pool,' said Aetna CEO Mark Bertolini."
No shit. Those of us in favor of single-payer knew this, and knew GingrichCare is unsustainable.
cali
(114,904 posts)trotsky
(49,533 posts)uponit7771
(90,347 posts)... this move helps them.
They could also cut executive pay by their quarterly loss to make it up but of course they wont
Just sounds like they're being reflexive here
Sgent
(5,857 posts)$1.05 for every $1.00 they make in premiums, dropping out saves them money.
annabanana
(52,791 posts)with ANY health "insurance" company.
They are death merchants.
cali
(114,904 posts)ultimately doomed to fail.