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The insurance giant announced Wednesday that it would not offer policies in Nebraska or Delaware next year, completing its exit from the exchanges. Earlier this year, Aetna (AET) said it would pull out of Iowa and Virginia in 2018.
http://money.cnn.com/2017/05/10/news/economy/aetna-obamacare/
And there's more:
Personally I'd rather see trumpcare fail in the senate and watch obamacare continue to implode on its own.Aetna’s Obamacare Exit May Trigger Domino Effect as Deadline Looms
The deadline for most companies to decide whether they will sell plans on the ObamaCare marketplace next year is June 21, as instability on the exchanges and rising costs continue to discourage companies from participating.
On Wednesday, Aetna (AET) became the latest major health insurance company to commit to completely exiting the ObamaCare marketplace in 2018, citing exorbitant costs.
Insurers That Have Exited
In addition to Aetna, Humana (HUM) announced earlier this year it would not participate on the ACA exchanges next year.
Anthem (ANTM) is contemplating exiting some, if not all, of its positions next year, CEO Joseph Swedish said during an April earnings call.
Areas with Little to No Coverage
Five states—Alabama, Alaska, Oklahoma, South Carolina and Wyoming— and 31 percent of counties across the country currently only have one ObamaCare exchange provider.
In 2018, 16 counties in Tennessee could have no coverage under the Affordable Care Act, though Blue Cross Blue Shield said earlier this week it may step in to fill those gaps. Meanwhile the law is on life support in Iowa where the last major insurer, Medica, has threatened to pull out unless there is “swift action by the state or Congress to provide stability,” following Aetna and Wellmark Blue Cross & Blue Shield’s withdrawal from the state.
The former CEO of Molina Health (MOH) threatened to pull out of the exchanges at the end of April if Congress failed to extend subsidies for healthcare support for low income individuals. Under those circumstances, Dr. J. Mario Molina told FOX Business earlier in April the entire ObamaCare marketplace would likely “collapse.”
Rising Costs
Rising costs are not only a problem for health insurance companies, but rising premiums will plague consumers next year as well. Average premiums are set to rise by more than 20 percent in at least three states that have already posted rates—Maryland, Virginia and Connecticut, according to data compiled by Bloomberg. CareFirst Blue Cross Blue Shield will request a more than 50 percent rate increase in Maryland, a 35 percent increase in northern Virginia and a 29 percent increase in Washington, D.C., according to The Washington Post.
CareFirst Blue Cross Blue Shield forecasted by the end of 2017 it will have lost $600 million collectively as a result of its participation in the ObamaCare marketplace, The Washington Post reported.
The United States’ largest health insurer, UnitedHealth (UNH), has also already exited most of its exchange positions.
http://www.foxbusiness.com/markets/...-trigger-domino-effect-as-deadline-looms.html