Aetna Officially Out of Most ObamaCare Markets
At a time when we have been inundated with stories of spiking ObamaCare premiums, there is even more troubling news for the so-called Affordable Care Act. It looks like customers on the ObamaCare exchange markets are going to have one less health insurance provider to choose from, as Aetna has announced they are officially out of about two-thirds of all ObamaCare exchanges:
Healthcare insurer Aetna announced Monday that it would reduce its participation in Obamacare by more than two-thirds, after suffering a $200 million loss in the second quarter of this year, a loss caused by too many sick people signing up for President Obama's signature healthcare program.
"Providing affordable, high-quality health care options to consumers is not possible without a balanced risk pool," the company said in a statement. "Fifty-five percent of our individual on-exchange membership is new in 2016, and in the second quarter we saw individuals in need of high-cost care represent an even larger share of our on-exchange population."
This is the death spiral everyone warned us about. ObamaCare's rules and regulations are making insurance unworkable — and that's why more and more companies are pulling out and more and more consumers are left holding the bag.
We need everyone to understand that it's bad government policy — and particularly ObamaCare — that is the root cause of this problem. That's why healing our country's health care system and the insurance sector has to begin with repeal.
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