Aetna Leaving the Marketplace
Health insurance giant Aetna said Wednesday that it will not be participating in any Obamacare exchanges in 2018. T.J. Crawford, Aetna spokesman, says that their products on the individual market “lost nearly $700 million between 2014 and 2016.” He projects the company to “lose more than $200 million in 2017 despite a significant reduction in membership.” He argues that the reason behind their losses is the structural issues within the exchanges. These issues, he believes, “led to co-op failures and carrier exits, and subsequent risk pool deterioration.”
In addition to their losses, Aetna also cited the uncertainty over the future of Obamacare as a reason for not participating in the exchanges. Moreover, since Aetna’s merger with Humana fell through at the beginning of 2017, Aetna dramatically reduced its participation. Previously available in Virginia, Iowa, Delaware, and Nebraska, Aetna has now completely divorce itself from state-based insurance exchanges.
Humana Exiting June 31st
As of June 31, Humana is not renewing their Obamacare plans. This means that all Humana One plans, including grandfathered plans, will be terminated. When these plans cease to be in effect, policyholders will qualify for a special enrollment period (SEP). At that point, people who had a Humana One policy can get a new qualified health plan. If, however, you don’t get a qualified plan within the 60 days of an SEP, there are other coverage options. There are fixed indemnity plans, as well as short-term medical plans. Recently, an insurance company released a new short term medical plan that last up to a year. Though not qualified, fixed indemnities and short-term plans are great alternatives. So if you missed your SEP, then consider your other options until you can get qualified coverage during Open Enrollment.
To make sure you take all the necessary steps to get new coverage, all Humana One policyholders should reach out to an agent. It’s best not to wait until the last minute to consider your options because starting July 1 you only have 60 days to get new coverage. Talk to an agent today to discuss your options and begin the application process.
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