Dayhoff Soundtrack: The Hill: Aetna pulling back from ObamaCare in blow to health law

Thursday, August 18, 2016

The Hill: Aetna pulling back from ObamaCare in blow to health law

By Peter Sullivan - 08/15/16 08:41 PM EDT http://thehill.com/policy/healthcare/291531-aetna-pulling-back-from-obamacare-in-blow-to-health-law

In a blow to the healthcare law, Aetna — one of the largest health insurers in the country — announced Monday that it will significantly scale back its presence on the ObamaCare marketplaces next year.

The move comes as a range of insurers have complained of financial losses on the ObamaCare marketplaces.

The company said it will scale back from participating in 15 states this year to just four states in 2017.

“As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision,” Aetna CEO Mark Bertolini said in a statement, citing a loss of $200 million in the second quarter.

The Obama administration argued the move is not a sign that the ObamaCare marketplaces are in trouble.

“Aetna’s decision to alter its Marketplace participation does not change the fundamental fact that the Health Insurance Marketplace will continue to bring quality coverage to millions of Americans next year and every year after that,” said the administration’s ObamaCare marketplace CEO, Kevin Counihan.

The move comes on the heels of pullbacks from other major insurers, including UnitedHealthcare and Humana.

The insurers have raised concerns about the sustainability of the ObamaCare marketplaces. Read more: http://thehill.com/policy/healthcare/291531-aetna-pulling-back-from-obamacare-in-blow-to-health-law

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