Aetna, one of the largest insurers on the ObamaCare exchanges, announced yesterday that it would significantly scale back its participation, dealing another blow to Obama’s signature domestic achievement. The insurer said that it will cut its participation in the exchanges by nearly 70 percent, going from offering a plan in 778 counties to just 242, leaving just 4 states that still have Aetna as an option. Earlier this month, Aetna also cancelled expansion plans of its ObamaCare business.
The insurer joins UnitedHealth and Humana, two other major insurers who also have cut their ObamaCare losses after recognizing the exchanges were a bottomless money pit. Their exits further threaten ObamaCare’s viability for the long-term.
Competition was supposed to restrain increasing costs for people who purchase health coverage on the ObamaCare exchange. Rather than keep those costs in check, premiums are skyrocketing and the new round of insurer exits, along with the ObamaCare co-op failureswill make lower premiums a pipe dream.
With the lack of competition, consumer choices are becoming a concern. For next year, some health care consumers may only have one insurer to choose from or some might have none at all, including individuals in Pinal County, Arizona.
Just months before its fourth and final enrollment of the Obama administration, the law is in a death spiral. After struggling for four years to get his signature policy achievement on sound footing, it is time for Obama to scrap this disastrous law that has left Americans with higher costs and less choice.