Just a few months ago, Aetna was an insurer you could count on to be especially bullish on Obamacare.
Chief executive Mark Bertolini told Aetna shareholders in April that the law was “a good investment.” In May, he announced plans to expand to five additional states.
But Aetna made a sharp about-face on Obamacare this month. Last week, the insurer scrapped that expansion plan, citing millions in losses on the marketplaces. And on Monday, Aetna announced it would quit 11 states it currently sells in, remaining in just four markets.
Aetna did not quit Obamacare quietly. Bertolini used his announcement to throw jabs at Obamacare as an especially bad investment, noting that “more than 40 [health plans] have similarly chosen to stop selling.”
Aetna follows United and about a dozen other insurers who have, in recent months, decided to quit Obamacare or significantly…
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