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US Health Insurance Giant Aetna Decides to Quit Obamacare Market

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US health insurance giant Aetna announced it would quit the Obamacare market as it suffered financial losses.

WASHINGTON (Sputnik) — US medical insurer Aetna has decided to leave the Obamacare market and consequently will not take part in any exchanges after 2018, according to media reports.

"Aetna will not offer on- or off-exchange individual plans in DE [Delaware]or NE [Nebraska]for 2018, and at this time has completely exited the exchanges," Crawford wrote in the message via Twitter on Wednesday.

President Donald Trump, flanked by Health and Human Services Secretary Tom Price, left, and Vice President Mike Pence, meets with members of the media regarding the health care overhaul bill, Friday, March 24, 2017, in the Oval Office of the White House in Washington. - Sputnik International
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Obamacare, former President Barack Obama’s signature health reform initiative, relies on government-run exchanges in which insurance companies sell policies to individuals and families that lack employer-provided health insurance plans.

The company explained the move by having incurred financial loses, which represents a typical problem for insurers on the marketplace.

Aetna's Individual Commercial products lost approximately $700 million between 2014 and 2016, and could lose another $200 million this year, the insurer estimated.

In February, another large US health insurance company, Humana, announced it would quit the Obamacare market entirely in 2018, citing an "unbalanced risk pool."

Earlier in the month, US President Donald Trump stated he is confident House Speaker Paul Ryan and the congressional Freedom Caucus will finish the job of passing a new healthcare reform bill to replace the Affordable Care Act, also known as Obamacare.

Republican efforts to repeal and replace Obamacare collapsed in March in the House as they did not secure any support from congressional Democrats and faced opposition from conservative Republicans in the Freedom Caucus.

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