Friday, August 9, 2013
MAJOR HEALTH INSURERS ABANDON OBAMACARE EXCHANGES
Anthem Blue Cross, Aetna, United Health Group, and Humana have all decided against participating in various states’ ObamaCare health insurance exchanges. The exchanges, which are scheduled to begin operation on October 1st, will be the only place Americans can purchase health insurance using federal subsidies granted by President Obama’s signature healthcare reform law.
According to ObamaCare’s individual mandate, all Americans are required to purchase a government-approved health insurance plan. Americans who do not obtain health insurance through an employer or Medicaid must purchase it through the exchanges in their home state. Some exchanges will be run by the state government, while others by the federal government or a combination of the two.
In the wake of the withdrawal of major health insurers from some state exchanges, state insurance officials are emphasizing that their states will have plenty of “choice” and “competition” come October 1st.
CNS News.com reports that Aetna, a fortune 100 company with $34.2 billion in revenue, has left the exchanges in three states, including Connecticut, home of its main headquarters.
According to the Hartford Courant, Aetna withdrew “its application to sell individual health insurance plans through a public exchange after the state Insurance Department told the insurer its proposed rates were too high.”
The Courant indicates that, when state regulators told Aetna its rates were too high, the company did not accept the modified rates.
“This is not a step taken lightly, and was made as part of [a] national review of our exchange strategy,” said Aetna spokeswoman Susan Millerick. “Unfortunately, we believe the modifications to the rates filed by Aetna will not allow us to collect enough premiums to cover the cost of the plans and meet the service expectations of our customers.”
Full article: http://www.breitbart … -ObamaCare-Exchanges
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