Aetna to retreat from most of its Affordable Care Act markets
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Aetna chairman and CEO Mark T. Bertolini made a statement with regard to the company’s 2017 participation in the Affordable Care Act individual public exchanges:
"Following a thorough business review and in light of a second-quarter pretax loss of $200 million and total pretax losses of more than $430 million since January 2014 in our individual products, we have decided to reduce our individual public exchange presence in 2017, which will limit our financial exposure moving forward.
Aetna will maintain an on-exchange presence in Delaware, Iowa, Nebraska and Virginia.
"As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision.
"Providing affordable, high-quality health care options to consumers is not possible without a balanced risk pool.
"Fifty-five percent of our individual on-exchange membership is new in 2016, and in the second quarter we saw individuals in need of high-cost care represent an even larger share of our on-exchange population."
Aetna will reduce its individual public exchange participation from 778 to 242 counties for the 2017 plan year, maintaining an on-exchange presence in Delaware, Iowa, Nebraska and Virginia.
The company will continue to offer an off-exchange individual product option for 2017 to consumers in the vast majority of counties where it offered individual public exchange products in 2016.
This decision does not impact Aetna’s products, services or benefits for the 2016 plan year.
The company will communicate options to impacted members before the 2017 open enrollment period begins, and provide resources to assist them in transitioning to other plans as appropriate. ■