It’s no question that from day one, President Barack Obama’s signature legislation – “Obamacare” – is a disaster.
While millions of Americans have seen their premiums skyrocket, plans have been cancelled, and exchanges have shut down due to the problems caused by the insurance mandates.
It was wasn’t long ago that Obama told Americans that if they like their plans, they can keep it. We know he lied.
Now, Obama received the worst news possible about Obamacare. A top insurer is dropping out of Obamacare markets across America.
Aetna has had enough of the Obamacare disaster:
In a blow to the healthcare law, Aetna — one of the largest health insurers in the country — announced Monday that it will significantly scale back its presence on the ObamaCare marketplaces next year.
The move comes as a range of insurers have complained of financial losses on the ObamaCare marketplaces.
The company said it will scale back from participating in 15 states this year to just four states in 2017.
“As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision,” Aetna CEO Mark Bertolini said in a statement, citing a loss of $200 million in the second quarter.
The Obama administration argued the move is not a sign that the ObamaCare marketplaces are in trouble.
“Aetna’s decision to alter its Marketplace participation does not change the fundamental fact that the Health Insurance Marketplace will continue to bring quality coverage to millions of Americans next year and every year after that,” said the administration’s ObamaCare marketplace CEO, Kevin Counihan.
The move comes on the heels of pullbacks from other major insurers, including UnitedHealthcare and Humana.
The insurers have raised concerns about the sustainability of the ObamaCare marketplaces.
The mix of ObamaCare enrollees has been smaller and sicker than expected. Some experts say that insurers also set their premiums too low. Premiums are expected to rise more sharply in 2017, which could help insurers address some of the losses.
Via The Hill
Aetna is withdrawing from Obamacare in 11 of 15 states where it currently offers planshttps://t.co/HcH9H6pAwy
— FOX & Friends (@foxandfriends) August 16, 2016
Interestingly, far-left Democrats like to see insurance companies losing profits. They consider this disaster to be the next step toward fully socialized, single-payer healthcare. So, if Obama’s plan was to destroy the private insurance industry, he’s exactly on schedule!
But Obamacare itself is Obama’s biggest failure.
What do you think of Aetna’s big announcement? Please leave us a comment (below) and tell us.