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Published: Fri, August 19, 2016
Economy | By Melissa Porter

Aetna cuts its Obamacare coverage by two-thirds

Aetna cuts its Obamacare coverage by two-thirds

He says pretax losses in the second quarter of this year hit $200 million, while total pretax losses since January 2014 reached $430 million in the company's individual insurance products.

Another major health insurance company is drastically scaling back its Obamacare participation, citing unsustainable financial losses.

The company said pulling out of the exchange is a financial decision.

State Insurance Director Ray Farmer said Tuesday he was surprised by Aetna's withdrawal, as his agency was still reviewing the company's application for 2017 coverage and rate plans.

That's after both UnitedHealth Group and Humana announced their plans to stop offering plans through Obamacare in the state.

Arizona Department of Insurance spokesman Stephen Briggs said the state can not force an insurer to provide marketplace coverage in a particular county.

Aetna was the only insurer planning to offer Affordable Care Act plans in Pinal County for 2017.

He continued, "With high consumer satisfaction, more people getting care, and an improving risk pool, incoming data continue to show that the future of the Marketplace is strong".

Aetna said it will reduce its individual public exchange participation from 778 US counties to 242 counties in 2017.

Bertolini said he's encouraged that federal health officials have pledged to consider "new options to modify the risk adjustment program".

"Aetna's withdrawal from almost a dozen exchanges is another sign that Obamacare is unsustainable", FreedomWorks CEO Adam Brandon said."Premiums are rising as a result of diminished competition and unbalanced risk pools that have led to a higher than expected utilization of health care". The latter is among more than a dozen nonprofit insurance co-ops created by the federal health care law to shut down.

"Our goal is still to be the lowest-cost or second-lowest cost provider in the marketplace", Ringle said, referring to CareSource's marketplace offerings next year.

"We are re-evaluating our 2017 plans and where Blue Cross Blue Shield of Arizona makes coverage available", the statement said.

State regulators have also felt pressure to grant sometimes-steep rate boosts to ensure that insurers will stick around. "I understood the bottom line of what they had to have".

Mrs. Clinton and Mr. Obama have both backed a public option. Its 49,000 IL members will have to get new insurance coverage for October, November and December.

Mr. Trump has said he would replace the ACA with a suite of longtime GOP ideas such as allowing health care to be bought across state lines, a proposal that would let insurers avoid the cost of regulations passed by particular states.

Kevin Counihan, Chief Executive of the US government-run individual marketplace, said that the risks of the customer pool is improving. "When they talk about premiums and also about insurers who are leaving, it all adds ammunition to what's become a familiar criticism".

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