This has been a long time coming. It didn’t start when Trump was elected, no matter what the Liberals tell you. People have seen the flaws for awhile in Obamacare. It didn’t really work from day one.
Aetna Inc. Chief Executive Officer Mark Bertolini escalated his criticism of the Affordable Care Act, saying Obamacare’s markets are nearing failure as premiums climb and healthier individuals drop out.
“It is in a death spiral,” Bertolini said in a video interview with the Wall Street Journal that aired Wednesday on the newspaper’s website. He predicted that more insurers will drop out of the market for 2018, following Humana Inc.’s decision to quit Obamacare entirely for next year.
Aetna, too, is mulling whether to further reduce its presence in the markets set up by the ACA. The company cut its footprint to four states for this year, from 15, after losing about $450 million on sales of ACA plans last year.
“I had 450 million reasons last year why we should have been out of it. And in the first look at this quarter, it’s not going to get any better. It’s getting worse.”