[Ed. – That’s code for “Fair warning: we’ll be gone next year, if not this one.”]
Aetna, Inc., the third largest health insurer in America, will not expand its Obamacare coverage into New Jersey next year as originally planned and is reassessing its participation in the Obamacare program.
In a conference call following the company’s earnings announcement, CEO Mark Bertolini said that the firm has halted its plans to expand into two new states’ exchanges in 2017 and is looking into the reasons for losses in the exchanges it is currently participating in. …
Originally Aetna was planning to expand to New Jersey and Indiana in 2017. It currently operates in 15 states across the US.
The decision by Aetna comes less than 4 months after the nation’s largest insurer, United Healthcare, decided to roll back almost all of its Obamacare offerings after sustaining losses and after the Department of Justice denied Aetna’s proposed merger with fellow-insurer Humana.
As far as rate increases in other states, Illinois is being hit particularly hard:
Insurers in Illinois are set to increase premiums by as much as 45 percent for those buying coverage through the Obamacare marketplace, the Chicago Tribune reported. …