Aetna Inc., which has signaled for months that mounting financial losses would force its exit from Obamacare, announced Wednesday it is quitting the remaining two states in which it participated.
The Hartford insurer said it will not offer on- or off-exchange individual plans in Delaware or Nebraska in 2018. Aetna had previously announced it will not offer plans in Iowa and Virginia next year.
Aetna said its individual commercial products lost nearly $700 million between 2014 and 2016 and are projected to lose more than $200 million this year despite a significantly reduced membership.
Membership has dropped to 255,000 as of March 31 from 964,000 in 2016.
Aetna's departure adds to the crisis facing the Affordable Care Act, also known as Obamacare, as Republicans push for its elimination and Democrats look to preserve and repair the law.
Aetna's withdrawal comes after the U.S. House of Representatives voted to replace the Affordable Care Act last week with a controversial plan that is expected to face stiff opposition and prolonged debate in the Senate. Meanwhile health insurers in Maryland, Virginia and Connecticut who are remaining part of Obamacare have asked for sharp increases in rates for next year.
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Trump should have let it COMPLETLEY COLLAPSE.
ReplyDeleteno 1111am that would hurt more than fixing it. The attempt to require ALL to have healthcare was an attempt to cover those "have nots" than those who "have". Maybe as a nation we still weren't ready for that mindset given the almighty green runs everything.
ReplyDeleteGiven the mandate and the challenges is brought, adjusting/fixing it will allow industry to make their nut and the current administration can slam their "stamp" on it. Then the next administration (either party) can do the same, etc.
Fix it, don't let it break because the clean up will be horrible!
NI BC The obama libs think it was the greatest thing since sliced bread LET IT FAIL and then let the snowflaje Dems cry to there dem politicians at there town halls.
DeleteAetna, not so glad I metcha.
ReplyDelete