Major insurer Aetna says that even though new Obamacare customers have led to losses, it intends to continue selling plans via the new marketplaces next year.
“We believe it is incredibly important, in the business we’re in, that we insure all Americans,” CEO Mark Bertolini said Tuesday at the JPMorgan Healthcare Conference in San Francisco. “We believe we have an obligation to stick it out and work with it until we know that it won’t work. And I believe it is too early to give up on this process.”
UnitedHealth Group, the country’s largest insurer, has said it may pull out of the marketplaces next year due to big losses. But while Aetna’s revenue also has been hurt, the company has remained more optimistic that things will eventually turn around.
Bertolini said that the losses from Obamacare customers, who tend to have more chronic health conditions and lower income, aren’t overwhelming the company. Losses in 2015 will be in the mid single-digits, he said.
“From a tactical standpoint, this is not breaking the bank, one way or the other,” Bertolini said.
Aetna reduced its participation in the marketplace this year, seliing in just 15 states instead of 17. The company has about 1.1 million customers through the marketplaces. The 2015-2016 enrollment season lasts through January.
