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The exchanges are only part of the story. They're making oodles from people who purchased policies outside of the exchange because of the mandate. Far in excess of what they're losing on policies through the exchange. Greed and lack of foresight is why they're pulling out.
It's not just the off-exchange individual market business, it's the ACA's Medicaid expansion as well:
Obamacare Woes Aside, Aetna Profits Rise From Other Government Business
Revenue jumped 6% to $15.8 billion thanks to plans it sells via contracts with state Medicaid insurance programs and the federal Medicare insurance for the elderly.
Aetna said enrollment in Medicaid plans jumped 9% to 2.4 million in the third quarter compared to 2.2 million in the third quarter of 2015. Aetna, like other insurers including UnitedHealth Group UNH -0.20%, Humana HUM -0.26% and Centene CNC -2.03%, are seeing growth after more states in the last two years opted to expand Medicaid under the ACA.
Companies like Aetna have done fine under the ACA, even if they haven't quite figured how to compete for commercial insurance customers in the open market yet.
my employer plan was $78/mo in 2013 now its $120/mo.
I hate to be the bearer of obvious news, but your employer plan didn't cost $78/mo in 2013 nor does it cost $120/mo now. That's your contribution which is very much detached from the actual cost of your coverage. In reality, cost growth in employer-based coverage over the past few years has been at historic lows.