Aetna CEO: Pulling out of ObamaCare is still an option if the program doesn’t “settle down”

posted at 1:01 pm on February 8, 2014 by Erika Johnsen

Last month, Aetna’s CEO Mark Bertolini casually dropped the hint that his insurance company might have to consider ducking out of ObamaCare if the program doesn’t get its act together, especially in terms of providing more certainty for insurers (…the poor dears). That evidently got the administration’s attention, and Bertolini mentioned this week on CNBC that Obama officials have been in contact trying to figure out what it would take to keep Aetna in the system. I’d imagine that one of the biggest trending topics under discussion had to do with the report this week that the Obama administration is considering extending their belated “administrative fix” meant to smooth over their farcical “if you like your plan, you can keep it” lie and millions of Americans’ cancelled policies. In order to avoid pulling out or substantially raising prices, Bertolini mentioned, “We need to understand where we’re headed with any number of programs… are we going to be required to have people keep what they have for another year or more?”

There is so much uncertainty about Obamacare that Aetna, the U.S.’s third-largest insurance provider, may be forced to double its rates or opt out of the program, the company’s CEO, Mark Bertolini, told CNBC on Thursday.

What action Aetna will take is still up in the air, but the company doesn’t plan to set its 2015 Obamacare rates until May 15. Between now and then, though, Bertolini said he’s trying to get the necessary information from the Obama administration to properly price its insurance products.

“I think in the end analysis, pulling out is always the last resort,” Bertolini told “Closing Bell.”

“We don’t like to do that because we disenfranchise customers and we disappoint customers, so we always look at that as a last resort, but that is an option that we will pursue if we need to if the program doesn’t settle down; if we can’t get a good handle on the data and the less data we have, the more risk premium we need to put into our products and that means the prices are higher.”


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

…he looks like he could use the CARE!

KOOLAID2 on February 8, 2014 at 1:03 PM

Barry changes the law weekly, unilaterally, and illegally. Time to act, Generals. Give him the Morsi treatment.

azpatriotsdotcom on February 8, 2014 at 1:05 PM

I heard a talking head on TV say it would take three years for Obamacare to “settle down” and lower rates. How’s that going to happen if The Won is planning on giving individuals their policies back for three years? ACA = Obamacare = FUBAR.

Cindy Munford on February 8, 2014 at 1:08 PM

an opon the datation that we will pursue if we need to if the program doesn’t settle down; if we can’t get a good handle

Code for….. we a bail out before the bail out

Robert R. Lake on February 8, 2014 at 1:10 PM

Just Do it!!!

Schadenfreude on February 8, 2014 at 1:11 PM

The “AFFORDABLE” Care Act, eh? As an English teacher, I find the use of euphemisms on the part of our government to conceal truth to be reprehensible…and sadly predictable.

xNavigator on February 8, 2014 at 1:12 PM

So, single payer in two years?

Art Vandelay on February 8, 2014 at 1:13 PM

Hmmm. Seems to me that some ‘folks’ are getting preferential treatment under the rule of King Obama. Wouldn’t a nice 14th Amendment-based lawsuit stop that?
Since none of my representatives in gummint seem to be upset that King Obama is not enforcing the law, as required by his oath of office, and therefore nobody will ever think about impeaching him for his lawlessness, what other option do I have?
Civil rights, here we come!

DublOh7 on February 8, 2014 at 1:17 PM

“The website is fine…the product is good…..” – The One

Electrongod on February 8, 2014 at 1:21 PM

Obamacare is the disease. Democrats the carrier.

pat on February 8, 2014 at 1:31 PM

But 55% of Americans surveyed say the GOP doesn’t understand women, racists.

rogerb on February 8, 2014 at 1:33 PM

Bertolini mentioned, “We need to understand where we’re headed with any number of programs… are we going to be required to have people keep what they have for another year or more?”

LOL. Barky will inform you of “the rules” … on a daily basis.

What a friggin joke. What piece of paper with meaningless scribble on it will help this idiot to rest assured that “the rules” won’t change when “the rules” are nothing other than King Admiral Emperor Barky’s whim? I’d take this insurance idiot more seriously if he was calling for Barky’s impeachment and conviction, since that is the only way there can even possibly be any sort of “Rule of Law” – not that there necessarily will be (not after Barky has set the tyrannical precedent and the gutless Vichy GOP has allowed him to skate on his tyranny and criminal stupidity), but that is the ONLY chance, long shot that it is, that there can even be any actual “rules”.

The friggin Societ Union operated more closely to some “Rule of Law” since, at least, you knew what the commie tyrants wanted and would probably do. Barky just wants to destroy every last vestige of America so the only “Rule of Law” we have is the political implementation of the intentional, treasonous version of Murphy’s Law By Indonesian Dog-Eating Imbecile.

ThePrimordialOrderedPair on February 8, 2014 at 1:34 PM

One of the traps we cannot fall into, that the problem is with the website or software, eventually that will be worked out and we will look like fools changing the debate back to it’s just a bad law.

It’s a bad law first, made worse or, it ‘s so bad that it caused, this horrific “glitch”.

“The website is fine…the product is good…..” – The One

Electrongod on February 8, 2014 at 1:21 PM

This is what we have to make sure does not happen…

right2bright on February 8, 2014 at 1:35 PM

Sweet hystrical truth

In September, two weeks before the Affordable Care Act was due to launch, President Obama declared that “there’s no serious evidence that the law . . . is holding back economic growth.” As for repealing ObamaCare, he added, “That’s not an agenda for economic growth. You’re not going to meet an economist who says that that’s a number-one priority in terms of boosting growth and jobs in this country—at least not a serious economist.”

In a way, Mr. Obama had a point: “Never met him,” says economist Casey Mulligan. If the unfamiliarity is mutual, the confusion is all presidential. Mr. Mulligan studies how government choices influence the incentives and rewards for work—and many more people may recognize the University of Chicago professor as a serious economist after this week. That’s because, more than anyone, Mr. Mulligan is responsible for the still-raging furor over the Congressional Budget Office’s conclusion that ObamaCare will, in fact, harm growth and jobs.

Schadenfreude on February 8, 2014 at 1:35 PM

OOF!

workingclass artist on February 8, 2014 at 1:39 PM

obama hates women and the middle class, the poor too.

Schadenfreude on February 8, 2014 at 1:40 PM

“We don’t like to do that because we disenfranchise customers and we disappoint customers, so we always look at that as a last resort, but that is an option that we will pursue if we need to if the program doesn’t settle down; if we can’t get a good handle on the data and the less data we have, the more risk premium we need to put into our products and that means the prices are higher.”

These partners and enablers are starting to realize that the real intent behind the ACA was not to ‘fix’ healthcare – reduce the number of uninsured by forcing them into the exchanges or address the cost and efficiency challenges. They are also starting to realize that despite the billions that the Administration is ready to throw their way in bailouts – deciding to become cover for the real plan to expand government power and control via the seizure of 1/6th of the national economy resulted in their making a bad deal with the ‘devil’.

This interview is one of someone who fears they made a huge mistake, but is trying to spin it otherwise while giving themselves an out.

Athos on February 8, 2014 at 1:41 PM

It’s a bad law

Think Roe.

They knew exactly what they were doing when they rammed it through.

Now Waxman et.al. depart–their work is done.

Art Vandelay on February 8, 2014 at 1:41 PM

Aetna is blowing smoke, they are ALL (the big 3 ins co’s) in too deep to bail. Bailouts/subsidies are in the offing and they (health insurance co’s) will become hybrid federal agencies/companies..

Tim Zank on February 8, 2014 at 1:43 PM

The friggin Soviet Union operated more closely to some “Rule of Law” since, at least, you knew what the commie tyrants wanted and would probably do. Barky just wants to destroy every last vestige of America so the only “Rule of Law” we have is the political implementation of the intentional, treasonous version of Murphy’s Law By Indonesian Dog-Eating Imbecile.

ThePrimordialOrderedPair on February 8, 2014 at 1:34 PM

I couldn’t agree more with your comment.

What we have is a man hell bent on the destruction of this beautiful nation, and we have sheeple who could care less cuz the Won says he’ll give them all what they want.

Makes me sick

No thought to individual prosperity, dignity self sufficiency or real freedom, just them all hanging together, and effing the rest of us up!

Scrumpy on February 8, 2014 at 1:44 PM

It’s almost as if there’s no honor among thieves.

307wolverine on February 8, 2014 at 1:45 PM

307wolverine on February 8, 2014 at 1:45 PM

There isn’t, they’d eventually slit each others throats…

Scrumpy on February 8, 2014 at 1:48 PM

Right on track. This was always the intended goal. Kill as many of the useful idiot insurance companies as possible, destroy/eliminate all of hope of competition and end up with single payer, to complete the bankrupting of the country.

ClownsToTheLeftOfMe on February 8, 2014 at 1:53 PM

Obamacare is the disease. Democrats the carrier.

pat on February 8, 2014 at 1:31 PM

…and there is a shortage of penicillin!

KOOLAID2 on February 8, 2014 at 1:53 PM

There isn’t, they’d eventually slit each others throats…

Scrumpy on February 8, 2014 at 1:48 PM

It couldn’t happen to a nicer group of people.

307wolverine on February 8, 2014 at 1:54 PM

Speaking of genocide by Obamacare. . .. Well, maybe we weren’t but I’d bet a great many of the people spoken of in the article are, or were, supporters of Obamacare.

ClownsToTheLeftOfMe on February 8, 2014 at 1:56 PM

As risky as it is, I’m not buying a new insurance policy until all this settles down. My policy from BCBS isn’t available anymore…guess why…and I’m not paying any damned ‘fine’ or ‘penalty’, they can stuff that notion.

So for now I have to pay the doctor cash if I go, and prescription costs stink but I’ll fork over their extortion level prices for them for now.

I await repeal and REAL reform. Torte reform, a cleansing of the mega-corporation prescription price gouging, and better pools to join (cross state pools). Until then they can hold their breath waiting for me to buy a policy that isn’t really insurance at all.

Diluculo on February 8, 2014 at 2:10 PM

Bertolini said he’s trying to get the necessary information from the Obama administration to properly price its insurance products.

Yeah, good luck with that. There’s never going to be anything certain about this fustercluck and he knows it. The decision to leave has already been made and Bertolini is just papering the file. The cascade is coming, and it’s going to be epic!

RadClown on February 8, 2014 at 2:11 PM

I thought those ‘non-compliant’ plans were already canceled, yes?

Joseph OHenry on February 8, 2014 at 2:16 PM

I await repeal and REAL reform

I respect your position, but I think you will be waiting a very long time.

Chocolate torte reform will come before legal tort reform.

Art Vandelay on February 8, 2014 at 2:18 PM

Civil rights, here we come!

DublOh7 on February 8, 2014 at 1:17 PM

Come on now, you know you don’t have “standing” to bring a lawsuit as a mere citizen even if obamacare has affected you.

Perhaps we should repeal obamacare and kill the cartels/monopolies the healthcare industry gets due to fed and state laws. That would, you know actually fix the healthcare problem. But then all the crony capitalists wouldn’t get their special deals after paying off the legislators, regulators and goons running government.

oryguncon on February 8, 2014 at 2:20 PM

Chocolate torte reform will come before legal tort reform.

Art Vandelay on February 8, 2014 at 2:18 PM

You’re probably correct on that one. I can’t wait for the lawsuits to come that rightfully blame the dims for injury and death due to lack of treatment even with those insured because o-care royally botched the entire industry up.

When they face multi-trillions in lawsuits I bet reform will happen real quick, as a settlement designed to relieve them of the responsibility for their genocidal law.

Diluculo on February 8, 2014 at 2:21 PM

I explain to my progressive coworkers that we’ve been in a bubble and shielded from the Obamacare crapstorm going on around us, but this is the year our group plan goes onto the block. It was disheartening to see the horror in a particular woman’s eyes that this was so, but she actually choked on connecting Obama’s name to it. It was like getting someone to renounce their religion. I think we are at a place where nothing will dislodge enough liberals to make a difference in turning the cultural tide.

mpietz on February 8, 2014 at 2:22 PM

When they face multi-trillions in lawsuits I bet reform will happen real quick, as a settlement designed to relieve them of the responsibility for their genocidal law.

No, because by then we will have single-payer.

We really have crossed the political Rubicon.

Art Vandelay on February 8, 2014 at 2:27 PM

Just got a letter from Aetna. Been waiting for this shoe to drop so we could make some decisions.

Aetna
Subject – “Rates Are Going Up – But We can Help”

At Aetna, we understand that if your premiums go up, you may need to choose a higher deductible plan with lower rates. If your plan is currently grandfathered and you decide to switch to one of our lower priced individual plans, your coverage will lose it’s “Grandfathered” status. This means your new plan will be subject to all changes in the recently passed health care reform act that apply to individual plans. These changes may expand your current benefits, which could add to your premium costs now and in the future.

My new monthly rate goes up 29% on my grandfathered high deductible plan. Looks like I’m going concierge care. F-them.

Aggie85 on February 8, 2014 at 2:40 PM

Schadenfreude on February 8, 2014 at 1:35 PM

The economists report, however, makes no value judgement. In fact it is reasonable to assume that Obysmal Care, while ever so nobly eliminating job lock is designed to advance welfare-lock™

NOMOBO on February 8, 2014 at 2:44 PM

“I think in the end analysis, pulling out is always the last resort,” Bertolini told “Closing Bell.”

First of all if anyone should have pulled out it should have been Obastard’s father.

Second of all Bertolini is lying through his teeth. I know from people that work there that Aetna is running it’s employees into the ground trying to comply and get their house in order to work with Healthcare.gov, the exchanges and all the rest of the crap that goes with it.

The insurance company CEOs were the first ones in bed with this pathetic administration when this law was in the process of being passed. As long as the filth that runs these companies figure they can latch on to that gummint money they’ll do everything they can to perform fellatio on Obama and his lackeys.

Also lest we forget about the talks of bailing out insurance companies, you really think this d-bag is going to walk away from that??? No freaking way.

You can believe what Bertolini says about as much as you believe what the scoamf says. Too bad so sad Bertie you sleep with dogs you get fleas. Embrace the suck you moron.

bbinfl on February 8, 2014 at 2:47 PM

mpietz on February 8, 2014 at 2:22 PM

We’ve been at that point for quite a while now, I’m afraid.

Cleombrotus on February 8, 2014 at 2:48 PM

I’ll bet that means Aetna has already decided that it is pulling out but he doesn’t want to give that away yet.

WhatSlushfund on February 8, 2014 at 2:49 PM

So what’s stopping him? Drop the hell out and start thinking outside of the box! The company that can find a way around all of this stupidity and offer private insurance plans that do kinda/sorta comply OUTSIDE of the “exchanges” will be where we go. Either that or concierge care. Been doing the HSA with a high deductible for about 5 years and have been very happy with it. Thankfully ours is not one that has been cancelled yet, but come October, who knows?

graywaiter on February 8, 2014 at 2:51 PM

Why would they pull out? The whole system was designed so that middle-class people can subsidize their profits through the risk corridors.

will77jeff on February 8, 2014 at 2:51 PM

I thought those ‘non-compliant’ plans were already canceled, yes?

Joseph OHenry on February 8, 2014 at 2:16 PM

In the individual market, yes, but after dear Leader’s magnificent graciousness allowed those plans to be extended for another year, some states/ins. companies offered reinstatement . My non-compliant plan was cancelled last Oct. but I was able to get it back in Dec.

lynncgb on February 8, 2014 at 2:53 PM

One of the traps we cannot fall into, that the problem is with the website or software, eventually that will be worked out and we will look like fools changing the debate back to it’s just a bad law.

It’s a bad law first, made worse or, it ‘s so bad that it caused, this horrific “glitch”.

This is what we have to make sure does not happen…

right2bright on February 8, 2014 at 1:35 PM

I’m going to go out on a limb here and say that the millions who’ve lost their insurance and the ones getting screwed big time by high deductibles and the millions more who are going to be getting screwed when the great employer mandate pushback scam is done are going to care less how good the website works or any of that other junk. All they are going to know is they got screwed big time and anyone opposing the dimotards should be pointing that out 24/7/365 and they should be offering options. Just my 2 cents.

bbinfl on February 8, 2014 at 2:54 PM

I’ll bet that means Aetna has already decided that it is pulling out but he doesn’t want to give that away yet.

WhatSlushfund on February 8, 2014 at 2:49 PM

Bertolini doesn’t have the stones. He’s too much of a Barky lickspitttle.

bbinfl on February 8, 2014 at 2:55 PM

“risk premium”

And in response to hearing about the “risk premium” – the fundamental basis of insurance pricing for hundreds of years – the Obama administration responded, “Huh? Whassat?”

Lance Corvette on February 8, 2014 at 3:01 PM

bbinfl on February 8, 2014 at 2:55 PM

Yeah, maybe you’re right. It’s all guess-work I suppose. If I were heading any of the big insurance companies I never would have gotten involved in this in the first place, and I’d be running as fast as I could now.

They’re a public company, no? When this whole thing crashes, and it will, won’t they take a major hit? Or are they counting on a bail-out? Maybe they’re just not that bright.

WhatSlushfund on February 8, 2014 at 3:02 PM

Dems are essentially conceding the 2014 elections will not be the rout they envisioned back when they set it up so they would get all the credit for Obamacare. We were supposed to be so enthralled with Obamacare by this point that we would be snarling like feral dogs over a carcass if those Republicans dared threaten to take away our Obamacare.

Well in 2014 it is clear that Obama don’t care. And the Dems are heading for the hills. What they are attempting to do now is salvage 2016 and Killary by delaying and deferring the systemic problems with Obamacare for another three years. The GOP would be well advised to make the bastards live up to what their law says.

Happy Nomad on February 8, 2014 at 3:03 PM

If I were heading any of the big insurance companies I never would have gotten involved in this in the first place, and I’d be running as fast as I could now.

WhatSlushfund on February 8, 2014 at 3:02 PM

Expect shareholder derivative suits coming soon. I’d hate to be the D&O insurer for that risk, I’d love to be the lawyer working on the case (either side, total payday, man!).

Lance Corvette on February 8, 2014 at 3:06 PM

I’ll bet that means Aetna has already decided that it is pulling out but he doesn’t want to give that away yet.

WhatSlushfund on February 8, 2014 at 2:49 PM

Or signaling that the administration had better be forthcoming with that bailout Obama promised them in one of those White House meetings. And soon.

Happy Nomad on February 8, 2014 at 3:09 PM

The economists report, however, makes no value judgement. In fact it is reasonable to assume that Obysmal Care, while ever so nobly eliminating job lock is designed to advance welfare-lock™

NOMOBO on February 8, 2014 at 2:44 PM

I recently lost my job in the once secure healthcare industry. I guess I’ll be one of those welfare-lock. There is NOTHING out there, even with a degree and 25+ years experience.

ladyingray on February 8, 2014 at 3:18 PM

” Gee…This Fascism is kinda complicated…and maybe icky & stuff…” – Aetna’s CEO

workingclass artist on February 8, 2014 at 3:20 PM

” Gee…This Fascism is kinda complicated…and maybe icky & stuff…” – Aetna’s CEO

workingclass artist on February 8, 2014 at 3:20 PM

Fascism? That sounds like a pretty racist term to be calling our pivotal experiment in healthcare.

Happy Nomad on February 8, 2014 at 3:25 PM

I good solution to Obama Care… all providers pull out.

Dasher on February 8, 2014 at 3:31 PM

When they face multi-trillions in lawsuits I bet reform will happen real quick, as a settlement designed to relieve them of the responsibility for their genocidal law.

No, because by then we will have single-payer.

We really have crossed the political Rubicon.

Art Vandelay on February 8, 2014 at 2:27 PM

Of course going single payer will have the tiny problem of having to double tax rates to finance the 3 trillion / year in costs.

Dasher on February 8, 2014 at 3:36 PM

I don’t think the Left sees that as a problem.

The larger point is that there is no going back. You cannot recreate the health industry and all of the cancelled policies.

Art Vandelay on February 8, 2014 at 3:40 PM

We really have crossed the political Rubicon.

Art Vandelay on February 8, 2014 at 2:27 PM

Well, we know how that worked out for Caesar.

Since you refer to a political Rubicon, I have visions of Obama standing outside the Senate as one after another ally votes repeal of Obamacare……..

Et Tu Diane? Et Tu Chuck? Et Tu Harry?

Happy Nomad on February 8, 2014 at 3:41 PM

Whatslushfund they’re probably waiting for the bailout. They care less about the employees and customers so I’m fairly certain they could care less about their investors.

bbinfl on February 8, 2014 at 3:52 PM

Maybe not the best analogy, then.

But can you describe a path back. Repeal would just be the first step. What comes after that?

Art Vandelay on February 8, 2014 at 4:05 PM

There is so much uncertainty about Obamacare that Aetna, the U.S.’s third-largest insurance provider, may be forced to double its rates or opt out of the program, the company’s CEO, Mark Bertolini, told CNBC on Thursday.

Ahhhh, and I just opened a letter on Friday “You were NOT selected as an “Aetna Affordable Care Act Exchange Provider.”” I asked some friends and they got the same or just think they trashed it without opening.

Marcus on February 8, 2014 at 4:15 PM

What, requiring all Americans to be your customers isn’t enough? Now you want our fascist overlords to deliver profits too?

MTF on February 8, 2014 at 4:15 PM

What was cute is the letter basically said:

“This in no way affects your standing as an Aetna physician. If a patient sees you through having signed up through the AAC, we’re just not going to pay you.”

Marcus on February 8, 2014 at 4:16 PM

Bertolini said he’s trying to get the necessary information from the Obama administration to properly price its insurance products.

Does he actually believe this administration will provide him with any information?

GarandFan on February 8, 2014 at 4:23 PM

and there is a shortage of penicillin!

KOOLAID2 on February 8, 2014 at 1:53

And doctors

crankyoldlady on February 8, 2014 at 4:25 PM

I await repeal and REAL reform. Torte reform, a cleansing of the mega-corporation prescription price gouging, and better pools to join (cross state pools). Until then they can hold their breath waiting for me to buy a policy that isn’t really insurance at all.

Diluculo on February 8, 2014 at 2:10 PM

You have to be nuts to sign up for this thing. They are just assembling a database.

crankyoldlady on February 8, 2014 at 4:28 PM

Whatslushfund they’re probably waiting for the bailout. They care less about the employees and customers so I’m fairly certain they could care less about their investors.

bbinfl on February 8, 2014 at 3:52 PM

Yeah, but even if they screwed over their employees, customers, and investors (which I don’t doubt that they would), wouldn’t the bailout have to be significant? When we talk about ‘pulling out,’ aren’t we talking about pulling out of the personal health insurance market altogether?

If that’s the case, then they’re going to have to shift significant resources into other areas of insurance, no? Wouldn’t this have a further major disruptive impact on their activities, affecting stock value even more? Wouldn’t the bailout have to produce a profit even after all that?

And then, of course, we’re talking about other insurers as well following suit.

I’m not trying to sound crazy, I’m just curious. I know that many (including me) think that this was the plan all along to kill the personal health insurance industry, but my question is, couldn’t this have a significant knock-on effect throughout the entire economy? Wouldn’t it create another ‘bubble’? Could we be looking at something approximating the 2007 (or whenever it was) subprime mortgage crash? Would it affect other financial institutions and lenders?

(And that’s not even considering all the Americans that will not have health insurance. Like me.)

WhatSlushfund on February 8, 2014 at 4:33 PM

They’re a public company, no? When this whole thing crashes, and it will, won’t they take a major hit? Or are they counting on a bail-out? Maybe they’re just not that bright.

WhatSlushfund on February 8, 2014 at 3:02 PM

I’m guessing that’s exactly what they are waiting for. They know this is what the administration does whan they start to lose cronies.

crankyoldlady on February 8, 2014 at 4:34 PM

Ahhhh, and I just opened a letter on Friday “You were NOT selected as an “Aetna Affordable Care Act Exchange Provider.””

Marcus on February 8, 2014 at 4:15 PM

It’s absurd. Every insurer has to provide the same benefits but they are “free” to set their rates for those benefits. That isn’t how the free market works. Sandra Flukes vag1na may be happy with the freebies but that sixty-year old nun forced to pay for the slut’s contraception less so.

The only sane thing is repeal of Obamacare and a replacement of something sensible.

Happy Nomad on February 8, 2014 at 4:34 PM

Megan Kelly reported on a series of letters that CA BCBS sent to its doc…pretty much you’re going to be on this plan where you get shafted.

This one doc got out of it…cost him some money.

what was that saying that i just read…communism is socialism with claws?…nah…i’m sure barry just has the best in mind for us

r keller on February 8, 2014 at 4:36 PM

I recently lost my job in the once secure healthcare industry. I guess I’ll be one of those welfare-lock. There is NOTHING out there, even with a degree and 25+ years experience.

ladyingray on February 8, 2014 at 3:18 PM

Sorry about that, ladyingray. Maybe the White House will call up and saay they are so sorry they did that to you and they’ll find you a job. Or not.

crankyoldlady on February 8, 2014 at 4:40 PM

Aetna is blowing smoke, they are ALL (the big 3 ins co’s) in too deep to bail. Bailouts/subsidies are in the offing and they (health insurance co’s) will become hybrid federal agencies/companies..

Tim Zank on February 8, 2014 at 1:43 PM

Could well be the case. A question I would have for the CEO:

What rate would you set, Mr Bertolini, if you knew that you were not going to be paid at all?

I heard a report last night that the payment systems for insurers and doctors were not yet on-line.

virgo on February 8, 2014 at 4:52 PM

Did Aetna lobby for Obamacare? If so, they shouldn’t be allowed to “pull out.” They should have to go down with the ship like everyone else.

Kensington on February 8, 2014 at 4:55 PM

Did Aetna lobby for Obamacare? If so, they shouldn’t be allowed to “pull out.” They should have to go down with the ship like everyone else.

Kensington on February 8, 2014 at 4:55 PM

They should be thrown against the wall and shot along with every reprobate that made it law.

Murphy9 on February 8, 2014 at 4:58 PM

There is no chance Aetna is withdrawing from ObamaCare. The company is and will be addicted to taxpayer bailouts (risk corridor). It’s a form of mainlining, once started there’s no stopping. Dependence on government is just as addicting for a corporation as it is for person. Their on the reservation now doncha know.

Franklin100 on February 8, 2014 at 5:42 PM

“Risk corridors” are NOT “bailouts.” A bailout is when a company screws up in an unforeseen way and the government moves in to save them. That’s not what happened here.

The insurance companies saw a pending mess if they got caught with too many older and sicker people on the exchanges, or not enough enrollees to form a reasonable pool for the actuaries to predict expenses. They would not have participated at all without some limit to their losses if that happened, so the risk corridors were built into the law like an insurance policy for insurers.

Leave it to a dishonest punk like Rubio to try to change the rules after the companies are already trapped in the exchanges. Shame on anyone who believes him after the immigration stuff earlier.

Adjoran on February 8, 2014 at 5:53 PM

^^^

That’s a very interesting distinction, but, forgive my ignorance, in the case of the ACA, are the ‘risk corridors’ government-backed? If so, isn’t that just a bailout by a different name?

WhatSlushfund on February 8, 2014 at 6:05 PM

This guy was an early and staunch supporter of Obama. Not only did he give money to Obama, he pushed obama to the employees of Aetna and lent the corporate jet to obama n the 2008 campaign. Screw him and screw Aetna.

peacenprosperity on February 8, 2014 at 6:22 PM

“Risk corridors” are NOT “bailouts.” A bailout is when a company screws up in an unforeseen way and the government moves in to save them.

Adjoran on February 8, 2014 at 5:53 PM

Yeh right. When Barney Frank, Chris Dodd, Andrew Cuomo, Franklin Raines, Bill Clinton, and George Bush were instrumental in requiring banks to loan 65% volume to subprime borrowers you can’t say the banks screwed up in an unforeseen way. The government “moved in to save them”, in your own words, because it was the federal government who was primarily responsible for the events that led to the housing collapse. Just as it is the federal government’s (democrat party) primary responsibility of Aetna needing a bailout. No company screw ups here.

Franklin100 on February 8, 2014 at 6:33 PM

Aetna did shill for Obastard care so they deserve everything they’re getting and more. They thought they were going to get thousands more customers forced to buy their product and that they were going to make some nice money but it isn’t turning out that way and now they’re whining. F them and their CEO and the horse he rode in on.

bbinfl on February 8, 2014 at 8:38 PM

Bertolini is lying through his teeth. I know from people that work there that Aetna is running it’s employees into the ground trying to comply and get their house in order to work with Healthcare.gov, the exchanges and all the rest of the crap that goes with it.

The insurance company CEOs were the first ones in bed with this pathetic administration when this law was in the process of being passed. As long as the filth that runs these companies figure they can latch on to that gummint money they’ll do everything they can to perform fellatio on Obama and his lackeys.

Also lest we forget about the talks of bailing out insurance companies, you really think this d-bag is going to walk away from that??? No freaking way.

You can believe what Bertolini says about as much as you believe what the scoamf says. Too bad so sad Bertie you sleep with dogs you get fleas. Embrace the suck you moron.

bbinfl on February 8, 2014 at 2:47 PM

May I just repost this for it’s piquancy. Yes, yes I think I may. QFT. Always remember and never forget, Aetna CEOs and your filthy ilk: Genocide is the soulmate of Utopianism. Calling it “settling down” or whatever euphemism your spin-team comes up with, it all comes down to tyranny.

RushBaby on February 8, 2014 at 9:40 PM

The larger point is that there is no going back. You cannot recreate the health industry and all of the cancelled policies.

Art Vandelay on February 8, 2014 at 3:40 PM

I am not so sure of that. A handful, er, a pinchful, of the major insurance companies have balked at participation in the exchanges, perhaps taking the long view that the radical nature of what has taken place will crash, and that they will be in place to provide a safety net that will turn out to be profitable.

If this is the case, and it is a gamble on their part to be sure, but if the vile thing can be repealed, they would be in a brilliant position for a historic rescue.

RushBaby on February 8, 2014 at 9:48 PM

Translation: We want a government bailout or subsidy of some kind…

albill on February 9, 2014 at 8:17 AM

The big insurance companies will get bailed out, and in the process they will lay off thousands of workers, and the managers will get bonuses, and Obamacare will continue, oh, and unemployment benefits will be extended indefinitely. It is a been there done that recipe we see all the time out of Washington DC.

steveracer on February 9, 2014 at 8:52 AM

What makes you think that dear leader will let you opt out, Mr. Bertolini? You are more easily replaced than you think. This is the almighty federal govt your talking about. They’ve got their hooks in you and all the other insurance companies and they’re not letting go.

Kissmygrits on February 9, 2014 at 9:07 AM

Obama can fix all this with an executive order. Just command the insurance companies to all stay in the system, and command the banks to lend them as much money as often as the companies demand. No bankruptcies allowed in any case.

Congress is impotent to stop him from doing this, and he’s a lame duck so why not? The majority of voters are dumb enough to cheer this ‘bold move’ and will keep the Democrats in enough seats of the House and Senate for the rest of Obama’s term to ensure no veto-proof Republican majority.

No doubt this plan would doom the capitalist economic system in the USA in a matter of years if not months, but for the Democrats is there any downside at all?

So maybe it wouldn’t be constitutional, but when has that been an obstacle to the current President?

s1im on February 10, 2014 at 1:48 PM