The Affordable Care Act marketplaces just took another hit. Insurance company Aetna Inc. will pull out of its two final states, Iowa and Virginia, reports Bloomberg. Initially, Aetna provided insurance on the healthcare marketplaces in 15 states, but due to rising costs, the company has decided to pull out completely.
“At this time [we] have completely exited the exchanges,” the company said in a press release. Earlier this year, CFO Shawn Guertin indicated that the company was looking for ways to reduce losses from participating in the exchanges, according to Bloomberg.
As more and more insurance companies distance themselves from the Affordable Care Act marketplaces, some states are left with a single insurer and growing premiums. Bloomberg cites Delaware and Nebraska as two states where, unless another company steps up, only one insurer will be available.
Earlier this year, the House voted on a long-term promise to repeal and replace the Affordable Care Act by passing the American Health Care Act (AHCA) 217-213. Now, the Senate has indicated that it will begin working on its own version of the AHCA, with a select group of lawmakers updating and refining the legislation.
“Passage of the American Health Care Act is a crucial first step toward healthcare reform that works for small business,” said NFIB president and CEO Juanita Duggan in a press release. “It repeals many of the Obamacare taxes, repeals the mandates, and clears the way for additional reforms to make healthcare affordable, flexible, and predictable.
“Small business owners have been waiting for repeal for many years. As predicted during NFIB’s landmark lawsuit to overturn Obamacare in the Supreme Court, our members’ costs have skyrocketed and choices for employers and employees were destroyed. Now that the House has kept its promise, we urge the Senate to pass the measure as soon as possible.”