Here’s the truth about “repealing and replacing” Obamacare: there is really no need to repeal it, just replace. The repeal part will take care of itself whether congress and the president act or not. The “Patient Care and Affordable Care Act” is doomed all on its own.Yet another huge domino has fallen in the ever-crumbling debacle that is Obamacare. Another one of the nation’s largest insurers, Aetna, has announced it will no longer participate in Obamacare exchanges.
Aetna Inc. will leave the few remaining states where it had been selling Obamacare plans next year, making it the latest health insurer to pull out of the health law as Republicans attack the program as failing and work to dismantle it.
While the move is likely to attract outsize political attention, the decision affects just Delaware and Nebraska. The Hartford, Connecticut-based insurer already said last year it would pull out of 11 states, and in the last month announced plans to exit Iowa and Virginia.“At this time have completely exited the exchanges,” Aetna said in a statement Wednesday. The insurer will also stop selling non-Obamacare individual plans in Delaware and Nebraska.
Aetna had indicated it might pull out earlier this month, when Chief Financial Officer Shawn Guertin said the company would take steps to limit its financial losses in the program. Aetna has said it expects to lose more than $200 million on individual health plans this year in the four states where it’s still selling Affordable Care Act plans.
Obamacare’s markets are becoming increasingly vulnerable as major health insurers exit, citing financial losses. Some insurers have stayed in, but raised the premiums they charge customers by double-digit percentages.This whole meltdown is tough to swallow on multiple levels. From Americans being lied to (have you seen your promised $2,500 annual savings? Do you know anyone who has?), to its passage down straight party lines in the middle of the night on Christmas eve, this thing has stunk from day one.
But most perplexing are the insurance companies who loved it, clamored for it and were giddy over its passage. And who can blame them? Most companies would be thrilled by the prospect of the government passing a law requiring everyone in the nation to purchase their product. Now, however, they’re learning the truth of the proverb “be careful what you ask for, you just might get it.” With everyone required by law to purchase insurance, insurance companies find themselves racking up record, unsustainable financial losses.Go figure.
Top that off with the legions of fools, both in Congress and in the streets, who, at the very notion of replacing what is arguably the worst law in U.S. history, are out there marching and laying in faux hospital beds holding signs saying “Make America Sick Again.” What do you think the ACA is doing? Its costing millions their healthcare insurance!
These people are fighting to save the Titanic. And while they’re busy rearranging lounge chairs on the deck, the giant insurance companies are placing themselves into the life boats — of which there are a limited few. When the ship finally goes under, guess who’s going to be stuck without one?
[Note: This article was written by Derrick Wilburn]