Aetna Pulling Back From Obamacare

http://www.npr.org/sections/health-...major-insurers-in-pulling-back-from-obamacare



"Insurance giant Aetna will stop selling health insurance through most of the exchanges created by the Affordable Care Act in 2017 because the company said it is losing money in many of those markets.

On Monday, Aetna said it will sell individual insurance policies in only 242 counties, down almost 70 percent from 778 this year."

"But Aetna, which lost $430 million on the Obamacare plans in the first half of the year, said it may re-enter the markets in the future."

"The Department of Health and Human Services has argued that companies have themselves to blame because they set premiums too low."

~~~~~
Obamacare is still in its infancy and already falling apart

 

Humana just pulled back too (Down from offering it in around 1400 counties to only around 140 counties) Huge pullback

 

Political move by a company during an election year.

 

Obamacare is gonna collapse at some point. And it's gonna be a mess for the next president to deal with.

The whole thing was sold on lies. Most who think like me knew Obamacare wasn't gonna live up to all the promises that Obama made.

 

they lost 430 million this year in those areas. You do understand this is a business not a charity right?

 

what least you're being honest unlike DJacobox. at one point the insurance companies were salivating over the new customers.He doesn't even realize that, thinks its a big conspiracy now.

 

possibly it was a scratch my back and I'll scratch yours scenario. Maybe Aetnas back started itching and realized the Govt. wasnt going to scratch it.

 

They lost 200 million alone in the 2nd quarter this year.

"The company suggested that too many sick people are buying plans, not enough healthy people are paying premiums to make up for it and the government isn't making policy changes to fix it.

But the U.S. Department of Health and Human Services says that it has implemented new regulations to make the exchanges more appealing to insurers. For example, HHS says new rules make it more difficult for Americans to abuse the system by buying insurance when they need it and dropping it when they don't, which is illegal and extremely unprofitable for insurers."

 

I just looked at their 10Q and they are showing $2,642MM Pretax Income YTD.

At this point last year they were at $2,628MM in Pretax


http://investor.aetna.com/phoenix.z...at01enhanced.1_rs=11&seccat01enhanced.1_rc=10

 

http://www.usatoday.com/story/money/2016/02/01/aetna-reports-higher-than-expected-profit/79629518/

They lost money in those area's yet company wide had record profits.

 

I understand, but just pretend you had a nationwide business and in that Nationwide Business 40 states were profitable and 10 were not.
What business decision would you make?


Edit: I am not saying poor poor Aetna, how will they survive.

 

I disagree on this one.

Quote:

"As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision," Mark Bertolini, Aetna's chairman and CEO, said in a statement.

^^^^^
They were losing money big time and still say the above.

He is basically saying "we support this...but we lost our asses on it so we're pulling back"

 

It depends on the business. Health insurance should be looked at as a whole and as part of a national health care system. The business responsibility is to the whole of the nation in that regard.

 

Fuck Aetna. Maybe the answer is to consolidate the customer base into one single customer, or "payer" if you will.

 

Wait - they lost $430M - or they projected to take in $430M and didn't?

 

It just seems a little questionable tbh. They say they lost $400m in 6 months but their income is slightly up. Where did the other boost in earnings come from?

We're they really projecting $400m in growth over 6 months?

 

Obama care was setup to fail by the Republicans. It is unfortunate because something really needs to happen regarding healthcare in this country.