Aetna CEO: Obamacare markets are in a ‘death spiral’
By PAUL DEMKO
Updated 02/15/17 10:28 AM EST
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Obamacare is in a “death spiral,” the influential CEO of Aetna, Mark Bertolini, declared Wednesday morning.
Bertolini’s doomsday prophesy: More insurers will pull out of the government-run marketplaces in the coming weeks and many areas will have no insurers to provide Affordable Care Act coverage in 2018.
“It’s not going to get any better; it’s getting worse,” Bertolini said in an interview at a Wall Street Journal event. But he declined to say whether Aetna would completely pull out of Obamacare markets next year.
Humana, which had already significantly limited its exchange footprint this year, announced Tuesday that it would completely pull out of the exchange markets next year after determining its customer base would still be unprofitable. That followed major pullbacks this year from other national insurers, including Aetna and UnitedHealth Group.