Health Insurance Company Aetna has decided to completely pull out of the Obamacare marketplace in 2018. This announcement was made on Wednesday. This decision by the country’s third-largest health insurer has been viewed as another blow to the American health sector by Secretary Tom Price.
Price said on Wednesday, “Aetna’s decision to completely withdraw from the Obamacare exchanges adds to the mountain of evidence that Obamacare has failed the American people. Repealing and replacing it with patient-centered solutions that stabilize the marketplace to bring down costs and increase choices is the only solution.”
Late Wednesday, Aetna announced it will not sell individual coverage in Nebraska and Delaware in 2018 following a projected $200 million loss this year.
The company said in a statement to FOX Business, “At this time (we) have completely exited the exchanges.”
It would be recalled that the company said in April it will not take part in next year’s state exchanges in Virginia and only last week pulled out of Iowa. Last year, Aetna sold plans across fifteen states and reduced that figure to four at the start of 2017 citing financial difficulties as the major reason.
The company said in a statement on Wednesday, “Our individual Commercial products lost nearly $700 million between 2014 and 2016 and are projected to lose more than $200 million in 2017 despite a significant reduction in membership. Those losses are the result of marketplace structural issues that have led to co-op failures and carrier exits, and subsequent risk pool deterioration.”
It would be recalled that the House of Representatives passed a bill to repeal the Affordable Care Act often called Obama Care. On Tuesday, House Speaker Paul Ryan disclosed to Fox News he is very optimistic the bill will pass the Senate within a month or two.
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