Wednesday, September 11, 2013
Big insurers ditch Obamacare exchanges
Several of the larger players, including Aetna, UnitedHealthcare and Cigna, are treading cautiously into Obamacare, waiting to see how the start of the massive health care reform pans out in 2014.
Among the concerns is the fear that unhealthy Americans who previously could not obtain coverage will flood the exchanges and run up large health care bills.
"There are a lot of unknowns of who will actually enroll and what their needs will be," said Christine Monahan, a former senior health policy analyst with Georgetown's Center on Health Insurance Reforms. "A lot of major, for-profit [insurers] have less tolerance for losses and risk."
Aetna has actually pulled out of at least five exchanges after submitting proposals in 14 states. Its policies will not be found on the exchanges in Maryland, New York, Georgia, Ohio or its home state of Connecticut. The insurer recently bought Coventry Health Plans, which had also filed to be on several state exchanges, so Aetna is now reviewing both companies' remaining fillings. Read more >>