One by one, insurance companies have learned the hard way that they too were sold a lie about the effectiveness of Obamacare. Skyrocketing premiums have forced many members out of the program. And now, even more people will have no choices when it comes to providers. United Healthcare announced last month, that they were leaving the marketplace, which will leave 40,000 Tennessee residents with no coverage at all.
Fox Business reported:
Health insurance company Aetna (AET) announced Wednesday it will completely withdraw from the ObamaCare marketplace in 2018. The company will not offer insurance plans in Delaware or Nebraska, the remaining two states where it was slated to provide coverage under the Affordable Care Act next year. “At this time, [we] have completely exited the exchanges,” Aetna said in a statement to FOX Business.
Reacting to the announcement, Health and Human Services Secretary Tom Price said that this was another example of how the Affordable Care Act has failed the American people. “Repealing and replacing it with patient-centered solutions that stabilize the marketplace to bring down costs and increase choices is the only solution,” Price said late Wednesday.
Sadly, until a replacement plan can be agreed upon, millions of people will be left…
Waiting in Limbo
Despite the House voting to repeal and replace parts of Obamacare last week, both Democrats and Republicans have vowed to stonewall President Trump’s plan in the Senate. Naturally, the left continues to “sing” the praises of Obamacare, with little regard to the lack of providers, coverage, and outlandish premiums.
In April, Aetna announced it was pulling out of Virginia and Iowa next year. They had previously offered coverage in 15 states in 2016, however, they cut back to just five states at the beginning of the year citing huge financial losses.
A company spokesperson issued a statement saying:
“Our individual Commercial products lost nearly $700 million between 2014 and 2016, and are projected to lose more than $200 million in 2017 despite a significant reduction in membership. Those losses are the result of marketplace structural issues that have led to co-op failures and carrier exits, and subsequent risk pool deterioration.”