(Bloomberg) — Aetna Inc. will leave the few remaining states where it had been selling Affordable Care Act public exchange plans next year, making it the latest health insurer to pull out of the exchange system as Republicans attack the program as failing and work to dismantle it.
While the move is likely to attract outsize political attention, the decision affects just Delaware and Nebraska. The Hartford, Connecticut-based insurer already said last year it would pull out of 11 states, and in the last month announced plans to exit Iowa and Virginia.
“At this time have completely exited the exchanges,” Aetna said in a statement Wednesday. The insurer will also stop selling off-exchange individual plans in Delaware and Nebraska.
Aetna had indicated it might pull out earlier this month, when Chief Financial Officer Shawn Guertin said the company would take steps to limit its financial losses in the program. Aetna has said it expects to lose more than $200 million on individual health plans this year in the four states where it’s still selling exchange plans.
Many major health insurers have been exiting the exchange system, citing financial losses. Some insurers have stayed in, but raised the premiums they charge customers by double-digit percentages.
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