Big-Five health insurer Aetna abandoning majority of Obamacare business
August 16, 2016
Aetna – one of the five largest health-insurance companies in the nation – is cutting its losses and terminating its business in the majority of the counties in which it offers Obamacare coverage.
The firm said that after a review of its public-health-exchange business it determined that the nearly $300 million in pretax loss it was sustaining on an annual basis was not worth the business.In its new plan, it will offer healthcare options through the public exchanges in just 242 of the 778 counties where it now operates. These will be mainly in Delaware, Iowa, Nebraska, and Virginia…“Providing affordable, high-quality healthcare options to consumers is not possible without a balanced risk pool,” Aetna CEO Mark Bertolini said in the statement. “Fifty-five percent of our individual on-exchange membership is new in 2016, and in the second quarter we saw individuals in need of high-cost care represent an even larger share of our on-exchange population.
Obamacare is tumbling down hard, leaving its customers in the lurch and taxpayers on the hook for the losses. Enough already. Click here to help Tea Party Patriots urge lawmakers to fully repeal Obamacare.