Aetna will leave the two remaining states where it had been selling Obamacare coverage next year, which makes it the most recent health insurer to drag out as Republicans the program is failing and work to dismantle it.
While the move is likely to attract outsize political attention, the decision affects just Delaware and Nebraska, Bloomberg reported.
The Connecticut-based insurer — third largest in america — already said this past year it would pull out of 11 states, and earlier this year announced intends to exit Iowa and Virginia.
“We will not offer on- or off-exchange individual plans in Delaware or Nebraska for 2021, and at this time around have completely exited the exchanges,” Aetna said inside a statement Wednesday.
Aetna had said it might take out earlier this year, when Chief Financial Officer Shawn Guertin said the company would do something to limit its financial losses within the program.
Aetna has stated it expects to lose a lot more than $200 million on individual health plans this year in the four states where it's still selling Affordable Care Act plans.
That’s on top of the $700 million the company said it lost in the three previous years.
Obamacare's markets are becoming increasingly vulnerable as major health insurers pull out, citing huge losses.
Some insurers have stayed in, but raised premiums by double-digit percentages.
Some of the instability has been going on for years, as fewer people than expected have signed up for plans and many happen to be sicker than insurers anticipated.
