In a move that surprises absolutely no one, Aetna officials yesterday announced that they will not participate in any state Obamacare exchanges next year. Aetna’s exit brings to mind how a character in Ernest Hemingway’s The Sun Also Rises responds when asked how someone goes bankrupt: “Two ways. Gradually and then suddenly.” Except that Aetna seems to have pulled out of the ACA marketplaces suddenly, and then gradually.
Aetna’s announcement yesterday that it is pulling out of the individual markets in 2018 in Delaware and Nebraska, comes a week after it said the same about Virginia and a month after pulling out of Iowa.
As the Washington Post reports, “The cascade of state-by-state decisions represents a stark turnabout for the nation’s third-largest insurer, which initially entered 15 states’ marketplaces but last summer decided to slash its 2017 participation to just four. That retreat was the largest by any health insurer from the health care law’s marketplaces, which started in 2014 to provide coverage for people who cannot get affordable health benefits through their employers.”
Source: Washington Post