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Aetna chief executive Mark Bertolini said Wednesday that the
Affordable Care Act's exchanges - the marketplaces where consumers can
buy individual health coverage under President Barack Obama's signature
health-care law - are in a "death spiral."
Bertolini's remarks at the Wall Street Journal's the Future of Healthcare event
came a day after the official end of his company's proposed merger with
the health insurer Humana - a divorce that will cost Aetna a $1 billion
breakup fee. It also came a day after Humana announced that it would
pull out of all of its remaining ACA exchanges for 2018, arguing that
the risk pool was unbalanced because not enough healthy people were
signing up for insurance compared with the number of sick people.
"That logic shows just how much the risk pool is deteriorating in the
ACA and how poorly structured the funding mechanism and premium model
is," Bertolini said. "I think you will see a lot more withdrawals this
year of plans."
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