Aetna Pulling Out of Its Remaining Obamacare Markets in 2018
Leading insurance company Aetna announced on Wednesday that it would not participate in Obamacare exchanges in Delaware and Nebraska in 2018. The move comes a week after the insurer revealed plans to exit Virginia’s Obamacare exchanges after 2017.
President Donald Trump trumpeted the death of Obamacare on the same day that Aetna revealed its intentions in Virginia.
Insurance companies are fleeing ObamaCare – it is dead. Our healthcare plan will lower premiums & deductibles – and be great healthcare!
— Donald J. Trump (@realDonaldTrump) May 4, 2017
CNNMoney detailed the announcement in a Wednesday report. Aetna also revealed that “it expects to lose more than $200 million in its individual business line this year, on top of nearly $700 million in losses between 2014 and 2016.”
The corporation had discontinued its participation in Obamacare exchanges in 11 other states in 2017, according to the CNNMoney article. The report adds that “Aetna’s exit leaves Medica as the only insurer on the Nebraska exchange and Highmark Blue Cross Blue Shield as the sole carrier on the Delaware exchange.”
Later in their write-up, CNNMoney pointed out that “Humana (HUM) already announced it is completely abandoning the individual market in 2018. UnitedHealthcare (UNH) pulled out of Virginia, and Wellmark Blue Cross Blue Shield said it would stop selling individual policies in Iowa in 2018.”
The Washington Post‘s report says that the company’s retreat “was the largest by any health insurer from the health-care law’s marketplaces, which started in 2014 to provide coverage for people who cannot get affordable health benefits through their employers.”
The Post report also features a reaction from HHS Secretary Tom Price:
Health and Human Services Secretary Tom Price seized on the insurer’s decision Wednesday night as the latest ammunition to bash Obamacare, as the ACA also is known. The Trump administration and Republicans in Congress are eager to dismantle the law and supplant it with more conservative health-care policies, and Price said in a statement that Aetna’s move “adds to the mountain of evidence that Obamacare has failed the American people. Repealing and replacing it with patient-centered solutions that stabilize the marketplace to bring down costs and increase choices is the only solution.”
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