Monday, August 15, 2016

Death Spiral -- ObamaCare -- Aetna Dropping Out; To Remain In Only Four States -- August 15, 2016

Link here:
Aetna said tonight it will reduce by more than 500 U.S. counties its participation in public exchanges under the Affordable Care Act in the face of hundreds of millions of dollars in losses.

In 2017, Aetna said it will be in just 242 counties, down from 778. Aetna will remain on-exchange in just four states: Delaware, Iowa, Nebraska and Virginia compared to 15 states where it operates this year.

Monday night’s announcement comes after Aetna said earlier this month that it would evaluate all of its individual plans in 15 states.
Humana has already said it is pulling off most ACA exchanges for next year.
And rival UnitedHealth Group, too, is scaling back to three states, leaving Anthem  and Blue Cross and Blue Shield plans as the main Obamacare providers across the country.
Getting closer to single payer every day. And no competition. And little choice. 

So, again, millions (?) of insured will find they need to start all over, looking for a new policy, a new insurer. What a mess.

Aetna noted:
More than 40 payers of various sizes have similarly chosen to stop selling plans in one or more rating areas in the individual public exchanges over the 2015 and 2016 plan years, collectively exiting hundreds of rating areas in more than 30 states.
I find it interesting that the administration couldn't have this announcement delayed until late Friday night. Whatever.

But here's the nub. Think about this. The remaining one or two insurers have asked for huge premium increases. State regulators will try to dial back those premiums but if the premiums are not okayed, literally the last insurer could "walk," leaving the exchanges with no insurers offering health insurance. In other words, the regulators really won't have much choice but to okay whatever the insurance companies ask. 

Reuters also reports the story. Investor's Business Daily also carries the story.

"German's Bundesbank" Says Workers 
Should Have To Work Until Age 69 Before Collecting "Social Security"

Link here.  As it is, retirement age in Germany is set to rise gradually to 67 (from 65 now) by 2030.

Wow, that IS gradual. It appears that about every eight to twelve months the retirement age in Germany will increase by one month until retirement age reaches age 67 in 2030.

That's a lot of Wal-Mart greeters. Active duty military careers should also be extended to 40 years for full retirement.

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