Anytime the government bureaucrats try to run a business, and Obamacare is a business, it will fail. They have no concept of economics or the marketplace. They also have no idea how the real world works.
The American voter was forewarned by Republicans and most didn’t heed that advice. Barack Obama sold not only the American people a bad bag of goods, but he also brought in these insurance companies who’s participation has been the shelf life of a house fly with all the money they are losing.
Aetna decided to leave Obama’s health care exchange when they found they were losing millions in a system where it was mandatory for people to pay in. Not great returns huh?
Health insurer Aetna Inc. will stop selling individual Obamacare plans next year in 11 of the 15 states where it had been participating in the program, joining other major insurers who’ve pulled out of the government-run markets in the face of mounting losses.
It will exit markets including North Carolina, Pennsylvania and Florida, and keep selling plans in Iowa, Delaware, Nebraska and Virginia, Aetna said in a statement Monday. In most areas it’s exiting, Aetna will offer individual coverage outside of the program’s exchanges.
The decision by Aetna is the latest blow to President Barack Obama’s signature domestic policy law. While it has brought coverage to millions, the new markets have proven volatile for some of the largest for-profit insurers, and UnitedHealth Group Inc. and Humana Inc. are also pulling out, after posting hundreds of millions of dollars of their own losses. Aetna said earlier this year that it expects to lose $300 million on the plans.
Next year will be the law’s fourth of providing coverage under the new markets. Aetna’s decision doesn’t affect people covered by the company this year, but when they look for 2017 coverage, they’ll need to pick a new insurer. The decision raises the prospect that some consumers will only have one insurer to choose from when they buy 2017 coverage.
Will Obama write an executive order and force insurance companies to comply with Obama care even if it means bankruptcy for more companies? Or find a way to deny them the ability to insure anyone at all.
Just remember, not one Republican voted for Obamacare. How can an insurance company lose money with high deductibles and high premiums?
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h/t – Newsmax