The article reports:
Aetna, one of the largest health insurers in the United States, announced Monday it would be dropping out of 70 percent of the counties in which it offers coverage through Obamacare, also known as the Affordable Care Act.
According to Business Insider:
“The firm said that, after a review of its public health-exchange business, it determined that the nearly $200 million in pretax loss that it was sustaining on an annual basis was not worth the business.”
UnitedHealth Care, another leading health insurer announced its decision to completely quit Obamacare by 2017 in April:
“Aetna’s and UnitedHealthcare’s decisions to scale back is problematic for customers because the number of insurers competing through the exchange is closely linked with the affordability of the plans.”
The collapse of ObamaCare is partially a result of the design of the program–it was designed to collapse so the Democrats could go to full government health insurance–and partially the result of the House of Representative refusing to fund reimbursements for insurance companies.
In May of this year, I reported:
Today The Los Angeles Times reported:
A federal judge ruled for House Republicans on Thursday in their suit against President Obama and declared his administration is unconstitutionally spending money to reimburse health insurers without obtaining an appropriation from Congress.
The judge’s ruling, though a setback for the administration, was put on hold immediately and stands a good chance of being overturned on appeal.
In North Carolina, there will only be one health insurance company left that will be operating through the ObamaCare health exchange. Stay tuned. The rise in ObamaCare premiums in most states is going to astronomical.