Posted on 08/16/2016 5:01:59 AM PDT by mykroar
Aetna is sharply cutting its participation in Obamacare exchanges for 2017.
The health insurer said it will offer individual Affordable Care Act exchange plans in just four states, down from 15 this year, in an effort to reduce its losses.
"As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision," Chairman and CEO Marc Bertolini said in a statement.
The insurance giant says it will offer ACA exchange plans in Delaware, Iowa, Nebraska and Virginia, slashing its Obamacare footprint by 70 percent next year. It will offer ACA plans in just 242 counties nationally, down from nearly 780 this year.
Aetna's announcement comes two weeks after the company booked $200 million in ACA-related pretax losses in its Q2 earnings report and nearly one month after the Department of Justice's antitrust division sued to block the health insurer's acquisition of rival Humana.
(Excerpt) Read more at cnbc.com ...
IIRC, the government got a piece of every premium from those that did pay.
The the ‘liberal plan’ was to have citizens pay more and more for less and less... figures. Liberals are liars... human filth...
Just as planned. Destroying private enterprise, one insurance company at a time. Ultimate goal: complete takeover of all of the means of production by the collectivity.
1970s: Government declares monopolies are bad and breaks up AT&T. Innovation, price competition and freedom of choice follow in people’s ability to talk to one another.
2000s: Government declares innovation, price competition and freedom of choice are bad and creates government monopolies AND mandates that everyone purchase their services in a business sector with life-and-death consequences.
Madness.
Serves the insurance cartel right for colluding with Obama and Pelousy to ram Obamacare down the nation’s throat. The gullible bastards from business believed the Lyin’ King when he told them they’d make money from the government’s forced participation in the plan. They were stupid, winding up with the sick, the poor and the illegal as clients. The government subsidy will end next year, leaving those states that set up exchanges with an enormous deficit that they will not be able to afford. The entire fiasco should implode, unless of course, Paul Ryan and the dopes in the GOP shovel more taxpayer money into this bottomless pit. I wouldn’t put it past them.
All according to plan.
...
Yep. A full government takeover is the only answer (to Democrats and GOPe).
I think all of these health insurance companies had the magic formula to run an operation with mostly semi-healthy participants. Once the all-in-one box formula went into effect with the President’s plan....I don’t think they ever understood how to modify their operation or really come to an accurate tally of real costs.
They are all mechanisms of capitalism. They have to make X amount of profit, or they fold up. So, in each state or case....they’ve failed to adjust.
If the public ever came to figure out the real cost of everyone getting X amount of insurance and what it’d cost us year to year....we would have all said ‘no’.
In my congressman’s (Mike Bilarakis) newsletter this month he announced Aetna is leaving Florida .
Nominate this dope for Hypocrite of the Year. If he supports Obamacare exchanges, then he should take the profit hit and keep offering the plans. If he sees what a disaster they are for both policyholders and insurers, he needs to call Obamacare the disaster that it is.
Actually this announcement is timely because here's one of the largest health insurance companies in America bailing out on a national plan!
Sure hope Trump talks about this defection by Aetna and others. It will reinforce the message of Obama's incompetence.
> “As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision,” Chairman and CEO Marc Bertolini said
Face it Bertolini, your utopian idea did not survive reality.
The more plans fail, the more the planners plan. Welcome to the USSR.
One should be careful not to mistake incompetence for deliberate malice.
You’re right - that’s what happened... and now they’ve reversed it for their own benefit.
Good one ..
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