Aetna Pulls Out of Another Obamacare Health Exchange

Aetna Pulls Out of Another Obamacare Health Exchange

OOps !

There goes another state that Aetna won't touch with a ten foot pole !!

This time it's New York of all places !!

Aetna has yanked out of 4 other states recently too.

They claim 'competitive' pricing is the issue.

Well Well.

I wonder if those exchanges will become a cesspool of garbage policy selections ?

America's third largest health insurer, Aetna Inc., has announced it will not sell insurance on New York's Obamacare health insurance exchange, the fifth state the company has pulled out of in the last few weeks.

The other states Aetna has opted out of for Obamacare insurance exchange participation are Maryland, Ohio, Georgia, and Connecticut.

"We believe it is critical that our plans not only be competitive, but also financially viable," said Aetna spokesperson Cynthia Michener. "On New York, as a result of our analysis, we reluctantly came to the conclusion to withdraw."

Obamacare's individual mandate requires all Americans to have health insurance or pay a penalty. Some health insurers are foregoing participation in the Obamacare exchanges due to costly mandates to provide a selection of services and a requirement to accept all individuals regardless of pre-existing conditions.

Trash Out - Garbage In

reply to post by xuenchen


Um yeah. It's costing me 500 a month for minimal coverage (by law now) with a 5,000.00 deductible.

I live in Connecticut.

Welcome to Obamacare-land!

I just want to add, before Obamacare, it would have cost me 150.00 dollars a month.

Thanks Obama!

I have had medical insurance through Cigna/United Healthcare since 2005 through my employment in St. Croix, U.S. Virgin Islands. The insureds received an email about a month ago stating that Cigna/UHC is pulling out of the Virgin Islands as of November 30th. If there are two or more people in an office, however, they will continue to write and place you in a specific program, but the premiums doubled. One office I'm aware of was paying $2,200/month on premiums for 4 people. Their new rate will be $4,500. The state exchange program does not take effect until January 2014, leaving me without insurance for December - and that's assuming that the state exchange will be affordable, but they ain't saying yet what that rate will be. I just don't get why there isn't some control over of these insurance companies. Didn't anyone see this coming?

but but but.... they promised higher quality for lower prices and across wider coverage!

There's no need to rub it in or anything...but one can look back in the thread history to see who thought it was a good idea and who didn't, too. To give many credit? They've come around to disliking this as much as anyone else. The ones who still support this, boggle my mind though.

Be all so very happy, and I hope they get out of the insurance business entirely also. Aetna is the worst of all the major health insurances. They will decline tests ordered by your doctor. And lifesaving treatments too. Plus I have know a bajillion folks who had to pay a lot more than anticipated for routine care. They get ya coming and going...

I wonder how much longer I will have my cadillac insurance through my husband? Old fashioned insurance none of that HMO crap. And $3 prescriptions! I an soo afraid that Obamacare will ruin it for us.

And it's not just the insurance part of it. Now that the gov't says that 30 hours is considered full time, a lot of companies are dropping hours on people to 25, 26 hours a week just so they don't have to cover them. So, their hours are knocked back, they're making less money, no insurance through their employer, but they're gonna be taxed if they don't get coverage.

reply to post by beezzer


Where'd the "affordable" in the ACA go anyways?

reply to post by BobM88


I work for a living.

I don't rely on government.

I don't qualify.

reply to post by beezzer


There's always a catch isn't there? Another stab at a worker state utopia dashed on the rocky shores of reality...

So where is the 'affordable' part at here ?

That is what the Care Act was sold as.

Not seeing anything remotely 'affordable'

All I have seen is higher costs, and insurance companies dropping people right, and left.

reply to post by neo96


That's why there has to be some mandate and control over the insurance companies. Something has to reel them in. They're just runnin' rampant - doing what they want, jacking up premiums to double or more, just dropping insureds who have had policies with their companies for years. He's gonna force his ACA on everyone without knowing the rebound that's gonna occur? "We have to pass it to see what's in it." No, you don't.

Originally posted by wrabbit2000
but but but.... they promised higher quality for lower prices and across wider coverage!

If you trace the story back to its source, Aetna has pulled out due to being told their rates are to high. They refuse to lower their prices.

Aetna has withdrawn its application to sell individual health insurance plans through a public exchange after the state Insurance Department told the insurer its proposed rates were too high.

Aetna Pulls Out Of Connecticut Health Exchange

They can't fleece their customers over the exchange so they've pulled out.

So is it the fault of Obamacare?

Or is it Corporate greed?

I'm calling the latter.

reply to post by BritofTexas


Insurance companies might be basing their rates on cost projections.

PPACA mandates that companies pay out 80% (?) of premium income (less admin costs) for care.

Any extra money gets 'refunded'.

Is this correct ?

But who gets to keep the 'refunds' when government subsidies and tax credits are involved ?

And who keeps the 'refunds' when employer policies are involved ?

Very complicated.

Originally posted by xuenchen
reply to post by BritofTexas

 

Insurance companies might be basing their rates on cost projections.
PPACA mandates that companies pay out 80% (?) of premium income (less admin costs) for care.

90% I think, but not sure without checking.

Any extra money gets 'refunded'.
Is this correct ?
But who gets to keep the 'refunds' when government subsidies and tax credits are involved ?
And who keeps the 'refunds' when employer policies are involved ?
Very complicated.

edit on Aug-31-2013 by xuenchen because: (no reason given)

Interesting point. Under Employer based care, I'm pretty sure the Employer would.

With Government subsides......

Before an insurer can sell health plans, the rates must be approved by state regulators at the Insurance Department. If the regulators deem the rates to be too high, the Insurance Department modifies them to a lower rate. In this case, Aetna did not accept the modified rates.

Aetna Pulls Out Of Connecticut Health Exchange

The idea being that if the rates are at the right place there won't be any need for "refunds".

I hate posts like this....with a vague unsupported argument that's quickly followed up with cheering by a little group.

When the analysis is done, it's a few threads down.

Just because an insurance company doesn't want to be compared to their competition, doesn't mean the program isn't working. If they can't or won't offer a competitive rate, they aren't going to advertise that fact so millions of people can see it.

As for rates going up, they were going up before Obama care too. At least now there are some valuable changes like pre-existing conditions.

Keep trying to make this fail. If you "win" I don't think people are going to want to go back to the "good old days" when it was ok to let people die just because they didn't have health insurance.

What's more likely going to happen is people are going to WANT to be on Medical/Medicare and eventually private insurance will fade.