Aetna becomes latest insurer to flee Affordable Care Act exchanges

Aetna becomes latest insurer to flee Affordable Care Act exchanges

Nebraskans and Iowans who need individual health insurance next year may have only one choice.

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.

"What we need to do is admit that it needs to be fixed", he said.

Aetna said Wednesday it will be completely exiting the Affordable Care Act (ACA) exchange markets next year by not participating in DE or Nebraska exchanges.

"Our individual commercial products lost almost $700 million between 2014 and 2016, and are projected to lose more than $200 million in 2017 despite a significant reduction in membership", an Aetna spokesman said in an email.

Other companies could enter the Nebraska or Iowa markets, but that seems unlikely.

The company will not offer insurance plans in DE or Nebraska, the remaining two states where it was slated to provide coverage under the Affordable Care Act next year.

Читайте также: North Korea accuses US, South Korea of assassination attempt

Aetna, based in Hartford, Connecticut, becomes the latest health insurer to pull out of the federal health law, also known as Obamacare, as Republicans attack the program as failing and work to dismantle it, Bloomberg reported.

Aetna has also pulled out of the individual market outside of the Obamacare exchanges in several states and is still deciding whether to participate in the remainder, a spokesman said.

Chief Financial Officer Shawn Guertin told analysts May 2 that Aetna continues to evaluate its footprint in the ACA "with a view toward significantly reducing" its exposure to individual commercial products next year.

Obamacare's markets are becoming increasingly vulnerable as major health insurers exit, citing financial losses. Another insurer, Medica, said earlier this month that its "ability to stay in the Iowa insurance market in any capacity is in question at this point".

“I would hope that our elected officials in Washington will come up with solutions to guarantee that health insurance in DE and elsewhere is both available and affordable, ” Insurance Commissioner Trinidad Navarro said in a statement.

Anthem said last month that its Obamacare business was doing "significantly better" this year.

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