The company has announced its departure from all marketplaces across the country in 2018.
A number of large insurers have stepped out of certain specific marketplaces, but Aetna health insurance is backing out of the entire country.
The health insurance company had already withdrawn from certain states, but this move is nationwide.
Aetna health insurance will be taking on a complete removal from the Affordable Care Act’s marketplaces next year. It recently announced its decision as a result of ongoing financial losses. The insurer also cited uncertainty as to the future of the insurance exchanges as another driver pushing them out. The company remains in only two final states after its previous exists. By 2018 it will have stepped out of those markets as well.
Aetna health insurance plans will no longer be available in the Nebraska or Delaware exchanges in 2018.
The announcement of the nationwide withdrawal arrived only a week after the insurance company revealed its intention to leave Virginia next year. Moreover, that occurred only a month after it stated that it would no longer be selling individual health insurance in Iowa, either.
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Aetna is the third largest health insurer in the country. When the health insurance exchanges first launched in 2014, the company’s health plans were available in 15 state marketplaces. However, midway through last year, it made the decision to start reducing its presence in the insurance exchanges. By the time the open enrollment period began, it had reduced its 2017 presence to only four states. Within the last couple of months, it has systematically decided to leave those as well.
This decision represented the largest health insurance provider retreat from the Affordable Care Act marketplace.
Among the main struggles identified by Aetna health insurance and other insurers selling in the exchanges is that too few young and healthy adults participated. They were expected to take part and their premiums would have helped to offset the expenses associated with those who are older and unwell. This led insurers to have to increase premiums year after year to compensate. Unfortunately, this was not enough to make Aetna’s participation worthwhile and the company was required to leave.