Feb. 1 (UPI) — U.S. insurer Aetna will not participate in the Affordable Care Act exchanges next year, the company indicated this week.
The company’s CEO, Mark Bertolini, said during a conference call Tuesday that Aetna will not be in the federal marketplace going forward.
“We have no intention of being in the market for 2018,” he said during the call, citing the lack of a replacement program for the ACA. “Currently where we stand, we’d have to have markets worked up, prices worked up for April 2017 in order to apply, and there is no possible way that we’ll be prepared to do that given the unclear nature of where regulation’s headed.”
“We will, however, participate where we think it’s appropriate in 2018 as we currently evaluate our performance in helping support the transition to whatever comes forward in 2019 or 2020, he added.
Aetna has already withdrawn from healthcare marketplaces in 11 states this year — a move that has stirred some controversy over the company’s motivation.
Aetna has previous said it has lost $450 million by participating in the federal program in 2016.