The contraction continues…and this time, it hits “home”…
Adding to a growing list of major health insurers exiting the exchange market, Hartford, CT-based Aetna announced its withdrawal from participating in the Connecticut individual exchange this week. This follows Aetna’s exit from other states including California, Georgia, and Maryland.
In a letter addressed to the CT Insurance Department, Aetna’s Senior Actuary Bruce Campbell indicated the carrier would not be competitive based on the rate filings submitted to the state earlier this year. In other words, Aetna would not be able to profit based on the approved CT Insurance Department rates that were granted to the carrier.
One of the ongoing concerns about the implementation of the ACA’s health insurance exchanges is the quality of the provider networks that will be available to individuals and small businesses. With open enrollment of the Federal and State Exchanges slated to go live on October 1st, 2013, the carrier exit list keeps growing and growing…and it’s only August.