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Tue Aug 16, 2016, 02:42 AM

 

Aetna to pull out of most Obamacare exchanges

In the latest blow to Obamacare, Aetna is vastly reducing its presence on the individual exchanges in 2017.

The insurer will stop offering policies on the exchanges in 11 of the 15 states where it currently operates, according to a press release it issued Monday evening. Aetna will only sell Obamacare products in Delaware, Iowa, Nebraska and Virginia.

Aetna said earlier this month that it was halting its exchange expansion plans for 2017 and reviewing its participation in President Obama's signature health reform program. The company noted Monday that it has lost $430 million in its individual policies unit since the exchanges opened in January 2014.

Aetna, which had 838,000 exchange customers at the end of June, said its policyholders are turning out to be sicker and costlier than expected. The company, along with its peers, has criticized the federal program designed to mitigate those risks.

"Providing affordable, high-quality health care options to consumers is not possible without a balanced risk pool," said Aetna CEO Mark Bertolini.

The company will continue to offer individual policies outside of the Obamacare exchanges in the vast majority of markets where it now does business. Off-exchange products are not eligible for federal subsidies.

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read:http://money.cnn.com/2016/08/15/news/economy/aetna-obamacare/

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Response to cali (Original post)

Tue Aug 16, 2016, 02:49 AM

1. great news. obamacare is basically welfare for insurance companies. let's move on the single payer &

public option and tell aetna to eff off

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Response to msongs (Reply #1)

Tue Aug 16, 2016, 02:57 AM

2. With what pleasure I would welcome that.

 

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Response to msongs (Reply #1)

Tue Aug 16, 2016, 06:30 AM

6. How are we suppose to move on towards SP and/or PO?

We have been told emphatically over and over again how this was the best we could hope for even with a supermajority in the Senate and that anything more was just us being foolish and na´ve. Never mind the GOP, we had spoilers in our own ranks. What will be our new sales pitch?

"Sorry that last big plan collapsed but this time we totally know what we're talking about -- this time. Don't listen to the GOP claiming credit for predicting its collapse, they don't know what they're talking about. And please don't pay attention to the endless commercials of the leader of our party declaring we'll 'never, ever' have single payer; that's just a thing she said to get past the primaries."

The jokes rekindling the website launch debacle alone will cost us 5 points in the polls.

We got ACA passed by the skin of our teeth. We'll be running a deficit on credibility going into a fight for SP/PO. Moving on to SP/PO is a daydream we told ourselves to allow us to close our eyes and swallow this nonsense.

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Response to msongs (Reply #1)

Tue Aug 16, 2016, 08:01 AM

10. It is NOT great news

In Washington state we have nearly 3 million people newly insured, thanks to the ACA, and while Aetna--my place of employment dropped THEM because of pricing, among other things--will not affect Washington, there are areas where this action will leave people scambling for insurance. Some of these people have insurance for the first time in their lives.

Universal healthcare is the actual goal, how we get there is the question, leaving people without insurance for any reason is not the answer.

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Response to cali (Original post)

Tue Aug 16, 2016, 03:50 AM

3. "'Providing affordable, ... quality health care options ... is not possible

without a balanced risk pool,' said Aetna CEO Mark Bertolini."

No shit. Those of us in favor of single-payer knew this, and knew GingrichCare is unsustainable.

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Response to area51 (Reply #3)

Tue Aug 16, 2016, 04:06 AM

4. bingo. in a nutshell, as they say.

 

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Response to area51 (Reply #3)

Tue Aug 16, 2016, 08:08 AM

11. "Bertolini receives a total compensation of $4.76 million per year..."

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Response to cali (Original post)

Tue Aug 16, 2016, 04:27 AM

5. So they drop out of the exchange how does that help them make more money? Don't understand how

... this move helps them.

They could also cut executive pay by their quarterly loss to make it up but of course they wont

Just sounds like they're being reflexive here

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Response to uponit7771 (Reply #5)

Tue Aug 16, 2016, 07:21 AM

9. If its costing them

$1.05 for every $1.00 they make in premiums, dropping out saves them money.

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Response to cali (Original post)

Tue Aug 16, 2016, 06:49 AM

7. Well that's what happens when you try to make ANY KIND OF DEAL

with ANY health "insurance" company.

They are death merchants.

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Response to annabanana (Reply #7)

Tue Aug 16, 2016, 06:50 AM

8. Yep. A health care system relying on insurance companies to do the right thing, is

 

ultimately doomed to fail.

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