One of the largest health insurance companies Aetna, announced Wednesday it will completely stop providing plans in the ObamaCare marketplace in 2018.
“Aetna’s decision to completely withdraw from the ObamaCare exchanges adds to the mountain of evidence that ObamaCare has failed the American people. Repealing and replacing it with patient-centered solutions that stabilize the marketplace to bring down costs and increase choices is the only solution,” Health and Human Services Secretary Price said Wednesday.
The company will not offer insurance plans in Delaware or Nebraska, the remaining two states where it was slated to provide coverage under the Affordable Care Act next year.
“At this time [we] have completely exited the exchanges,” Aetna said in a statement to FOX Business.
“Our individual Commercial products lost nearly $700 million between 2014 and 2016, and are projected to lose more than $200 million in 2017 despite a significant reduction in membership. Those losses are the result of marketplace structural issues that have led to co-op failures and carrier exits, and subsequent risk pool deterioration,” the company said Wednesday.
Republicans must pass a repeal and replacement plan for Obamacare, because insurance prices, premiums, and deductibles are continuing to rise to unaffordable levels.