Major Health Insurance Company: Obamacare in "Death Spiral"

Posted: Feb 17, 2017 7:00 AM

Aetna Inc. Chief Executive Officer Mark Bertolini gave a grim prognosis for the future of Obamacare on Wednesday, saying that markets established under Barack Obama's policy are nearing failure as premiums skyrocket and healthy individuals drop out.

“It is in a death spiral,” Bertolini said to the Wall Street Journal

Aetna, was one of the hardest hit insurers under Obamacare.   The private company lost around $450 million in sales last year.

"Ergo, you saw my friend at Humana, Bruce, say, 'for '18 we're out,'" Bertolini said, referring to Humana CEO Bruce Broussard. He also warned that his own company would join the ranks of those leaving the program.  

"I had 450 million reasons last year why we should have been out of it," he said. "And in the first look at this quarter, it's not going to get any better. It's getting worse."