Aetna Getting the Heck Out of Dodge aka Obamacare
If the Senate takes too long with the health care bill, there won’t be much of a system to replace! Insurance companies have been running for the exits on the Obamacare exchange for the last few years — and this week is no exception. Another heavy hitter, Aetna, announced that it was pulling out of the provider pool this week after swimming in Obamacare’s red ink. Although Aetna didn’t take a $1 billion hit like UnitedHealth, the third largest health care provider is no fan of the law. After the company’s earnings were released, executives joined a group of increasingly vocal providers casting doubt on Obamacare’s future — and their partnership in it. So far, the reviews on the un-Affordable Care Act have been brutal from insurers and consumers who were promised a sustainable system — but experienced anything but.
According to the Washington Post, “Aetna lost $450 million last year on its nearly 1 million customers with individual health policies on and off the insurance exchanges. In disclosing the final departures Wednesday, spokesman T.J. Crawford said the company expects to lose an additional $200 million for 2017 on its remaining 255,000 ACA customers.” Like so many of his counterparts, CEO Mark Bertolini warned that the marketplaces were in a “death spiral” — an assessment shared by HHS Secretary Tom Price. Aetna’s latest decision, he told reporters, “adds to the mountain of evidence that Obamacare 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.”
With enrollment down in the exchanges and the support around it collapsing, no one can afford to subsidize a market that’s overrun by sick and high-risk patients. If the titans of the U.S. insurance industry walk away, the government’s system is in for an even bigger shock. Of course, it’s hard to feel sorry for many of these providers since they joined the push to pass Obamacare when they were promised it would be good it would be for business. Frankly, I think shareholders should fire the CEOs that gambled people’s health care on government promises that a socialistic system would bring positive returns. They should’ve been smart enough then to see what’s evident to everyone now — Obamacare isn’t just bad for business, it’s bad for America.
Fortunately, the new administration is committed to changing that by working with Congress to craft a law that not only saves dollars — but lives. You can help by encouraging your senators to keep the House bill’s pro-life provisions intact! Without them, Congress won’t stand a chance of doing the one thing voters elected them for: replacing Obamacare.
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