Well, we have more “good news” about that wonderful Federal law called the Patently Pathetic Accumulated Conglomerate of Asininity Patient Protection and Affordable Care Act, AKA “ObamaCare”.
I’ve written before about issues with ObamaCare health care cooperatives – and again here. And I’ve also written about how some insurers were starting to abandon the ObamaCare market.
Well, it seems another ObamaCare domino toppled yesterday. Aetna – the nation’s 3rd largest health insurance provider – has announced that they’re largely pulling out of the ObamaCare insurance exchange market as well.
This year, Aetna offered ObamaCare plans through government-run exchanges in 15 states. Next year, they’re cutting back to a whopping four states: VA, DE, IA, and NE. They’re pulling out of the ObamaCare exchange market everywhere else – though they’ll still offer individual health insurance plans in some or all of those states.
This is significant. Earlier this year, Aetna was among those saying it was “too early to give up on” ObamaCare insurance exchanges. Apparently they changed their minds.
Why? Simple: they’re losing their butts financially.
This year, Aetna had a 2nd quarter pretax loss on the ObamaCare exchange market of $200M. They’ve lost $430M since those markets began in 2014. Losing that much money – as well as losing money consistently over time – isn’t exactly conducive to staying in business.
But don’t worry, folks. Dear Leader will explain to us how we’ve misinterpreted what’s going on here. We just need to give it more time, and it will work as desired!
Yeah, right. The Communist Party of the Soviet Union spent just short of 69 years trying to perfect their brand of command-driven economic socialism. The idiotic concepts on which their cockamamie theories were based were no closer to being viable on day 25,198 than they were on day 0.
ObamaCare will fare no differently. It’s similarly based on ideology-driven idiocy that ignores economic reality.