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CBS: Obamacare Suffers ‘Big Setback’ With Aetna Dropping 70 Percent of Coverage

• August 16, 2016 9:38 am

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CBS host Charlie Rose said Tuesday that Obamacare was facing a "big setback" after health insurer Aetna announced it was dropping 70 percent of its coverage because it could no longer afford it.

"One of America’s largest insurance companies is scaling back its involvement in Obamacare," the co-anchor of CBS This Morning said. "Aetna’s decision is a big setback for the president’s health care law."

Rose said Aetna will only keep around 2,000 health insurance policies through Obamacare in four states.

"Aetna says it will only sell 2,017 health insurance policies through the Affordable Care Act in four states," Rose said. "Jan Crawford looks at the latest insurer saying it cannot afford Obamacare."

Crawford, a CBS correspondent, said that Aetna is currently covering 911,000 Americans in 15 states. They are scaling back in eleven states, only keeping coverage in Delaware, Iowa, Nebraska, and Virginia.

"Effectively pulling out of nearly 70 percent of the counties where it offers health plans through Affordable Care Act exchanges," she said.

Aetna reported that they have been hit by $430 million in financial losses since the exchanges opened in January 2014.

The CEO and chairman of Aetna said the company may expand their coverage again, should there be policy improvements to Obamacare.

"The vast majority of payers have experienced continued financial stress … may expand our footprint in the future should there be a meaningful exchange-related policy improvements," Mark Bertolini said.

Crawford finished by pointing out that since major insurance companies have been pulling out of Obamacare, the people who still remain covered under the law will only have one or two options to choose from come the start of open enrollment.