Aetna and Innovation Health will leave Virginia's individual health insurance market
The company said Wednesday that it won't participate in the state's individual market -- either on the Obamacare exchange or outside of it -- in 2018. Though it has greatly downsized its participation in Obamacare, Aetna (AET) said it could still lose more than $200 million in its individual market products this year. That's on top of the nearly $700 billion it's lost in the three years after the exchanges opened in 2014.
The move means Innovation Health, which Aetna formed through a joint venture with Washington D.C. metro-area insurer Inova in 2012, will also leave the Virginia market. In addition, UnitedHealth (UNH) did not file with the Virginia's insurance department to offer policies in the state next year.
The companies' exit will not leave any Virginia residents without any insurers, but it does mean that 27 counties could have only one choice for 2018, said Katherine Hempstead, a senior adviser at the Robert Wood Johnson Foundation, which funds health care research and grants. Six carriers have notified the state that they will participate in the state next year.
Read the rest at: http://money.cnn.com/2017/05/03/news/economy/aetna-virginia-obamacare/index.html
CNBC article: http://www.cnbc.com/2017/05/03/aetna-will-exit-obamacare-markets-in-virginia-in-2018.html