Aetna will continue to scale down its participation in the ACA health care exchanges because the system’s structural flaws, Mark Bertolini, the company’s CEO, said yesterday.
“As the public exchanges enter their fourth year, it is clear that in the absence of a significant shift in regulatory policy, the risk pools will continue to deteriorate,” Bertolini said, according to CT Mirror.
Aetna participates in four state exchanges this year; it participated in 15 a year ago.
CT Mirror reports that Bertolini explained his thinking to investors in a conference call. “In spite of the best intention of Washington and industry, the intended goals of the Affordable Care Act have not been achieved. Millions of Americans remain uninsured and still lack access to affordable health care.”
In 2016, Aetna showed a profit of $2.92 billion, despite losing $450 million on the ACA exchanges. He also cites the ACA’s uncertain future under President Trump. “We’d have to have markets worked up, prices worked up for April ’17, in order to apply, and there is no possible way we’ll be prepared to do that, given the unclear nature of where regulation is headed,” he said, according to CT Mirror.
Source: CT Mirror