The CEO of the country’s third-largest health insurer said he had “serious concerns” about the sustainability of Obamacare, the Hill reported.
“We continue to have concerns about the sustainability of the public exchanges,” said Mark Bertolini, CEO of Aetna Inc. “We remain concerned about the overall stability of the risk pool.”
Aetna Inc. isn’t the only company expressing concerns with the Obamacare exchanges as Humana and the country’s largest health insurer, UnitedHealth have indicated they have falling profits and may exit the exchanges altogether.
UnitedHealth reported $425 million in losses and Humana said that it doesn’t expect to make enough profits to cover its claims.
“Many insurers, including Aetna, have been losing money on the Obamacare marketplaces, also known as the exchanges, in part because of a sicker and more costly mix of enrollees, known as the ‘risk pool,’” according to the Hill.
“Insurers are seen as having set their premiums too low when the Obamacare marketplaces began in 2014, and sicker-than-expected enrollees are forcing them to raise premiums in order to compensate.”