If three of the nation’s largest insurers can’t make it on the Obamacare exchanges, can anyone? That’s the question hanging over President Obama’s signature health reform law less than three months before enrollment begins for 2017.
Aetna is pulling out of 11 of the 15 states where it offers Obamacare policies after losing $430 million, the company announced Monday. Its move follows downsizing by UnitedHealthcare, which will operate in only three states in 2017, and Humana, which is withdrawing from nearly 1,200 counties in eight states.
There’s no doubt Obamacare is suffering a major shakeup three years after the exchanges opened. Those who’ve signed up for coverage are sicker and costlier than expected, while too many healthier Americans are opting to pay a penalty rather than a premium. That’s prompting many insurers to raise their rates by double-digit percentages for 2017 or minimize their presence on the market.
Source: CNN Money