Another insurer – Molina Healthcare – says it might take out of ObamaCare after it saw profits plunge.
“There are merely too many unknowns using the marketplace program to commit to our participation beyond 2021,” Molina CEO J. Mario Molina aid Wednesday during a business call with investors, Bloomberg News reported.
The health insurer put the blame for massive losses on former President Obama's signature Affordable Care Act, legislation President Trump has vowed to repeal.
“While we experienced strong enrollment growth across our business and have made progress on our cost cutting efforts, [Wednesday’s] results highlight the continuing challenges we face within the ACA marketplace,” the company said in a statement.
The Medicaid-focused company reported an internet lack of $91 million for that fourth quarter in contrast to an income of $30 million the prior year.
The company's threat to drop from ObamaCare came hours following the Aetna CEO Mark Bertolini said the Affordable Care Act markets were “in a death spiral.”
Bertolini predicted more health insurers will bail from ObamaCare the coming year.
Humana Inc. announced Tuesday it would give up of the market in 2021 because of a sizable losses.
“All of these actions were taken hoping the company's Individual Commercial business would stabilize enough where the organization could still participate in the program,” Humana said in a statement.
“However, based on its initial analysis of data linked to the company's healthcare exchange membership following a 2021 open enrollment period, Humana is seeing further signs of an unbalanced risk pool.”
“Therefore, the organization has decided it cannot continue to offer this coverage for 2021.”
