Aetna will no longer be part of America’s Health Insurance Plan
Aetna, one of the largest insurers in the United States, has left the health insurance industry’s largest trade group. This has raised concerns among critics of the Affordable Care Act, who claim that as more insurers leave the trade group, the federal law may be in jeopardy. Aetna is the second large insurer to leave the America’s Health Insurance Plans group, which was a major supporter of the Affordable Care Act as it was being drafted.
Trade group is seeing major insurers leave as concerns over Affordable Care Act grow
America’s Health Insurance Plans is a national association that is comprised of some 1,300 companies. As a trade group, the organization is heavily involved in the insurance industry, especially when it comes to health coverage. In June of 2015, UnitedHealth announced that it would leave the trade group, claiming that its interests were no longer being represented in an adequate manner. The insurer suggested that the wide focus of the organization resulted in limited attention concerning advocacy for insurance companies.
Large insurers are expressing worry over the viability of insurance exchanges
The departure of Aetna has ignited some concern over the overall impact of the Affordable Care Act. More insurers are beginning to express worry that the federal law may not have the beneficial impact that was promised by the federal government. UnitedHealth announced last year that it would no longer be participating in health insurance exchanges set up by the law, instead focusing on their core business segment. Other large insurers are still unconvinced that insurance exchanges are viable marketplaces, but remain committed to providing coverage through these exchanges.
Aetna continues to seek approval for its acquisition of Humana
Aetna is currently seeking approval from a Department of Justice antitrust group for the acquisition of Humana, another large health insurance company in the U.S. The acquisition has been a source of controversy for the past several months, with federal officials and consumer advocacy groups showing concern about the impact of the deal. Many have suggested that the acquisition would result in fewer insurance options and higher premiums for consumers.