August 2nd, 2016 | By: Associated Press
Aetna became the latest health insurer to cast doubt upon its future in the Affordable Care Act’s insurance exchanges after it called off a planned expansion Tuesday and suggested it could abandon that market completely. A departure by Aetna, the nations’ third-largest insurer, could further reduce the number of choices for customers and eventually push insurance prices higher. Competition by insurers is a key feature of the exchanges, designed to keep a lid on prices, but several insurers are abandoning them because they are losing enormous amounts of money. Aetna said Thursday it has been swamped with higher than expected costs, particularly from pricey specialty drugs, and it will take a hard look at its current presence on exchanges in 15 states. When asked by The Associated Press whether that meant the insurer might leave the exchanges entirely or just some markets in 2017, CEO Mark Bertolini said: “All of the above”. To read the article click here.