Yet another insurer has decided that they cannot succeed under ObamaCare. Aetna announced on May 10, 2017 that they will leave all U.S. ACA healthcare markets by 2018. ObamaCare continues it collapse, as insurance companies continue their pull-out. Aetna’s announcement comes only days after he move comes days after Wellmark Blue Cross Blue Shield announced it was leaving some state markets after this year. Humana announced they would leave the healthcare marketplace in February.
The pullouts began in just as the government payouts to the insurance companies began to wind down. Remember, ObamaCare guaranteed the insurance companies profitability until 2016. This built-in aspect of Obamacare ensured that Obamacare would collapse AFTER the 2016 presidential election. Which makes Jonathan Gruber’s comments on Fox in May 7, 2017 that Trump is causing the collapse of ObamaCare downright laughable. See the video of him saying this here. Remember, Gruber was the architect of Obamacare who said Americans were too stupid to understand what ObamaCare was, which allowed the Dems to pass it – see the video of him saying that here,.
But the ACA’s program hasn’t worked as planned. The gap between what some insurers are paying in and what others are requesting is widening. Congress in 2014 passed a provision in the 2015 federal budget requiring risk corridors to be revenue-neutral, so the CMS can only dole out what it takes in.
The Obama administration spent $16.2 billion on the program for 2014 and 2015 and another $5 billion was scheduled to be spent in 2016, at which point the program is supposed to expire. Many sources (yes, even very liberal sources, like the Washington Post) report that these payouts are not legal; they are inappropriate transfers of federal funds. Surprise, surprise – after the payouts stop, insurance companies decide to leave!
UnitedHealth Announced in April, 2016 that, in the face of mounting losses from individual policies sold in public exchanges under Obamacare, it “will participate in individual public exchanges in 3 states, a reduction from 34 states in 2016.”
As always, the links above take you to reputable sources (left, right and neutral) to veriify our facts and figures.
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