Health Insurance

Aetna ditching 70% of its ObamaCare business

Insurance giant Aetna won’t offer coverage under ObamaCare the coming year in 11 of the 15 states it now serves – a comment that instantly became a problem in the presidential race.

Aetna’s decision led Mr . trump to charge that President Obama's health care reform was “imploding.”

“Aetna's decision to depart the Affordable Care Act's public marketplaces may be the latest blow for this broken law that is slowly imploding under its regulatory red tape,” said Trump campaign deputy national policy director Dan Kowalski.

“Millions of Americans have lost their own health coverage under this disastrous policy, eliminating their ability to choose their doctors. Thousands of businesses have been forced to cut employment or shutter their doors in reaction to Obama's signature achievement,” he added.

The company had previously warned it likely to shed more pounds than $300 million this season around the 900,000 patients it covers underneath the Affordable Care Act.

Aetna said hello is taking out of ObamaCare markets in Arizona, Florida, Georgia, Illinois, Kentucky, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina and Texas.

Aetna does not currently provide the policies in New York.

It has other health care insurance to individuals and smaller businesses as well as large employers in the state, officials said.

It will continue to provide policies in Delaware, Iowa, Nebraska and Virginia.

ObamaCare is credited with expanding coverage to millions of previously uninsured or under-insured people.

But insurers have complained they've lost cash on the policies. United Health Group and Humana are other insurers exiting ObamaCare plans.

Aetna CEO Mark Bertolini, in a statement, said there have been insufficient younger, healthier customers registering with make ObamaCare policies sustainable.

“The majority of payers have observed continued financial stress inside their individual public exchange business. Providing affordable, high-quality healthcare options to consumers is not possible without a balanced risk pool,” Bertolini said.

More than a dozen nonprofit insurance co-ops have shut down previously couple years.

The pullouts could spell trouble because levels of competition are designed to help control price increases.

Some states like Alaska and Oklahoma is going to be playing just one insurer selling ObamaCare plans to individuals in 2021.

More densely populated states like Ny say their ObamaCare markets remain strong.

But rates for customers are skyrocketing to maintain stability.

Citing increased medical costs, Ny recently authorized insurers offering individual ObamaCare plans to increase premiums by an average 16.6 % – the greatest rate hike in the program's four-year existence.

New York's smaller businesses will get hit by having an average 8.3 % rate hike.