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Aetna latest insurer to question Obamacare's future

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  • Aetna latest insurer to question Obamacare's future

    http://money.cnn.com/2016/08/02/news...acare10avodtop

    Aetna is reconsidering its participation in Obamacare, making it the latest large insurer to cast doubts on the future of the individual exchanges.

    Aetna (AET) said Tuesday it is canceling plans to expand into more states next year and will reassess its involvement in the 15 states where it currently offers coverage on the individual exchanges. It expects to lose $300 million (pre-tax) on its Obamacare business this year.



    "...in light of updated 2016 projections for our individual products and the significant structural challenges facing the public exchanges, we intend to withdraw all of our 2017 public exchange expansion plans, and are undertaking a complete evaluation of future participation in our current 15-state footprint," said CEO Mark Bertolini in a second-quarter earnings statement.


    A growing number of insurers on the Obamacare exchanges are voicing concerns about the viability of the program as they run up big losses. Many say that their premiums were too low and didn't cover the cost of care because their consumers are far sicker than anticipated.

    Some 11.1 million people are enrolled in Obamacare this year, according to the latest federal statistics.

    UnitedHealthcare (UNH), the nation's largest insurer, is exiting most Obamacare exchanges in 2017. Others, including several Blue Cross Blue Shield companies, are also scaling back. And more than half of the co-op insurers, created and funded by the health reform law, have failed. This means consumers in a growing number of areas have only one or two insurers to pick from.

    To cover these sicker patients, many insurers are requesting big premium hikes for 2017, some in the high double digit percentages.
    That's what
    - She

    Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
    - Manya the Holy Szin (The Quintara Marathon)

    I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
    - Stephen R. Donaldson

  • #2
    Obamacare is working as intended. Pretty soon the politicians won't have any choice but to enact single-payer. As the saying goes, if you think health insurance is expensive now, just wait until it's free.
    Some may call me foolish, and some may call me odd
    But I'd rather be a fool in the eyes of man
    Than a fool in the eyes of God


    From "Fools Gold" by Petra

    Comment


    • #3
      I'm fairly certain that Obamacare is going into reform. I'm not very fond of it, but I've had to make use of it. At least it paid for the birth of two kids one foot reconstruction and some unexpected hospital stays and medication we would otherwise have done without. Its kind of a two way street. I hear so many people say Its bad evil and wrong, and then you have people who benefit from it. Its almost like a justifiable evil in a sense. Its done some things that really HAVE been needed BUT at the same rate, there are parts of it that have to change. For exmple, it can't be maintained unless there is a tax hike on everyone. But no one wants that tax hike. And states very far right aren't willing to do it either. Certainly there aren't many here at the tweb core who are willing to talk about how to change the existing insurance laws, just how to overthrow them. Then again, very soon, My spouse and dependents will not need it anymore because he'll be considered "career" at the Post office and can get his insurance paid for which is actually better than what the exchange is offering us right now.
      From a care perspective and seeing the sickest of the sickest people suffer and not get charity care and watching them get sued and lose everything because the courts agree to turn over there bank accounts, retirement funds property plus interest, I personally believe healthcare is a right not a privilege. Currently there is case in my neighbor state where the collection agency refused to settle, (the law says they don't have to) medicaid only paid so much of the cancer treatment bill, they only received so much in hospital charity and the collection agency won the rest plus 25 percent interest. The people made as much as they could in payments per month but the collection agency got an order to seize the bank account, which held their social security income, and retirement savings. They also seized the extra car, (though it was worth nearly nothing) extra clothing and 401k account because the state has no law. In total the collection agency seized 4,000 off a 25,000 bill despite monthly payments being made and if payments were not agreed to the judges orders 25 percent interest was tacked on. If the two people passed on, the bill automatically goes to the next of kin. Its considered overwriting of the consumer federal credit act. Because Kansas is so far to the right, the government will do nothing to protect any such person from such collection agency. It leaves me wondering....How is that ok?
      A happy family is but an earlier heaven.
      George Bernard Shaw

      Comment


      • #4
        the liberal obama-ites will claim that this proves Obamacare is working because the insurance companies are losing their excessive profits.

        Comment


        • #5
          Originally posted by Mountain Man View Post
          Obamacare is working as intended. Pretty soon the politicians won't have any choice but to enact single-payer. As the saying goes, if you think health insurance is expensive now, just wait until it's free.
          They have a clear choice, but I fear that they do not have the moral honesty to make that choice.
          Micah 6:8 He has told you, O man, what is good; and what does the LORD require of you but to do justice, and to love kindness, and to walk humbly with your God?

          Comment


          • #6
            Originally posted by Catholicity View Post
            Its kind of a two way street. I hear so many people say Its bad evil and wrong, and then you have people who benefit from it. Its almost like a justifiable evil in a sense.
            The phrase "Robbing Peter in order to pay Paul" comes to mind. Is that a justifiable evil?
            Some may call me foolish, and some may call me odd
            But I'd rather be a fool in the eyes of man
            Than a fool in the eyes of God


            From "Fools Gold" by Petra

            Comment


            • #7
              Originally posted by Mountain Man View Post
              The phrase "Robbing Peter in order to pay Paul" comes to mind. Is that a justifiable evil?
              I don't think you read my part about having to raise taxes to fund the ACA. Right now it isn't working. I don't find raising taxes to fund an insurance bill Robbing Peter to Pay Paul. However at the moment, the bill is not able to be kept up and its taking too much from the current budget. Which I guess you could say is the "justifiable Evil." I only think some people are willing to go for a tax hike to continue to fund the ACA.
              A happy family is but an earlier heaven.
              George Bernard Shaw

              Comment


              • #8
                Originally posted by Catholicity View Post
                I'm fairly certain that Obamacare is going into reform. I'm not very fond of it, but I've had to make use of it. At least it paid for the birth of two kids one foot reconstruction and some unexpected hospital stays and medication we would otherwise have done without. Its kind of a two way street. I hear so many people say Its bad evil and wrong, and then you have people who benefit from it. Its almost like a justifiable evil in a sense. Its done some things that really HAVE been needed BUT at the same rate, there are parts of it that have to change. For exmple, it can't be maintained unless there is a tax hike on everyone. But no one wants that tax hike. And states very far right aren't willing to do it either. Certainly there aren't many here at the tweb core who are willing to talk about how to change the existing insurance laws, just how to overthrow them. Then again, very soon, My spouse and dependents will not need it anymore because he'll be considered "career" at the Post office and can get his insurance paid for which is actually better than what the exchange is offering us right now.
                From a care perspective and seeing the sickest of the sickest people suffer and not get charity care and watching them get sued and lose everything because the courts agree to turn over there bank accounts, retirement funds property plus interest, I personally believe healthcare is a right not a privilege. Currently there is case in my neighbor state where the collection agency refused to settle, (the law says they don't have to) medicaid only paid so much of the cancer treatment bill, they only received so much in hospital charity and the collection agency won the rest plus 25 percent interest. The people made as much as they could in payments per month but the collection agency got an order to seize the bank account, which held their social security income, and retirement savings. They also seized the extra car, (though it was worth nearly nothing) extra clothing and 401k account because the state has no law. In total the collection agency seized 4,000 off a 25,000 bill despite monthly payments being made and if payments were not agreed to the judges orders 25 percent interest was tacked on. If the two people passed on, the bill automatically goes to the next of kin. Its considered overwriting of the consumer federal credit act. Because Kansas is so far to the right, the government will do nothing to protect any such person from such collection agency. It leaves me wondering....How is that ok?
                M'caid used to be payer of last resort - and final payer. That means if a provider accepted M'caid they were bound to the M'caid allowable as their total payment - including any other payments by other insurers (M'caid would frequently zero pay - acknowledge a legitimate claim but not pay anything because M'care or another company had already paid above the allowable).

                Also, Kansas is screwed up if a debt can pass to the NOK - that should only be to the estate, not the beneficiaries (beneficiaries get what's left afterwards).
                "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

                "Forgiveness is the way of love." Gary Chapman

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                Quill Sword

                Comment


                • #9
                  Originally posted by Teallaura View Post
                  M'caid used to be payer of last resort - and final payer. That means if a provider accepted M'caid they were bound to the M'caid allowable as their total payment - including any other payments by other insurers (M'caid would frequently zero pay - acknowledge a legitimate claim but not pay anything because M'care or another company had already paid above the allowable).

                  Also, Kansas is screwed up if a debt can pass to the NOK - that should only be to the estate, not the beneficiaries (beneficiaries get what's left afterwards).
                  Yup but that's Kansas for you. They can literally take everything from you except a house IF you've paid for it completely.

                  That is partly why I think healthcare needs to be a right.
                  A happy family is but an earlier heaven.
                  George Bernard Shaw

                  Comment

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