Major health insurance companies – Blue Cross, Aetna, United, Humana – have fled the Obamacare health care exchanges in various states, which are scheduled to start on Oct. 1.
Insurance companies like Aetna and United have said, “thanks, but no thanks” to the public health insurance marketplace set up under the Affordable Care Act (ACA), or Obamacare, which will facilitate government subsidies to individuals and small businesses to buy approved health plans to comply with the law.
The ACA requires every American to have health insurance, or pay a penalty. Individuals who are not covered by their employer can enroll in the state or federal government-run health care “marketplace,” which will provide subsidies to individuals between 100 and 400 percent of the poverty line.
Aetna, a fortune 100 company with $34.2 billion in revenue, has pulled out of public exchanges in three states, and will not be part of the individual health insurance exchange in its home base, Connecticut.
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