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Aetna considers dumping NJ individual, small group plans following $450M losses: 4 points

Aetna is weighing its options regarding pulling its individual and small-group health insurance plans in New Jersey, according to NJ Spotlight.

Here are four points:

1. Aetna could possibly withdraw plans after reporting $450 million in losses last year.

2. Aetna does not participate in the state's ACA exchange, but covered more than 68,000 people at the end of 2016. An Aetna spokesperson said "We are certainly not the first payer to reduce our (individual market) presence and we likely won't be the last."

3. If the payer withdrew its individual and small group plans, this would not impact those in the large group market or those with Medicaid, Medicare or dental or vision care policies.

4. In a private meeting earlier this week, Aetna Chairman and CEO Mark Bertolini said the country should be open to a conversation about a single-payer system.

He said the government running insurance coverage has not always gone smoothly to date, saying, "The government doesn't administer anything. The first thing they've ever tried to administer in social programs was the ACA, and that didn't go so well. So the industry has always been the back room for government."

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ACA enrollment stalls — Number of uninsured stops shrinking for first time since 2010

 

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