Aetna Who Is Leaving the California Individual Health Insurance Market at the End of the Year Jacks Up Policies 19% for the Rema
Posted Aug 06 2013 12:36am
Now is this really necessary to jack up the cost of a health insurance policy 3 months before it is ended? This is really soaking the consumers here and besides Aetna said their market is not that big here. Here’s the original story about their departure below.
Now the excuse given by Aetna is this is to cover their expenses in exiting the market? Give me a break!! Today, in Connecticut where Aetna’s headquarters are located, they said they are pulling out of the health insurance exchange there as well! Aetna is located in Hartford, Connecticut. I swear if the government doesn’t get some Quant sleuths on board soon, the will remain behind the 8 ball as insurers play the business intelligence analytics by the minute, finding loopholes and other areas to profit as soon as they are created.
Boy this doesn’t say a lot for supporting the state where their corporate offices are located does it. It’s all about the math models. In addition, they won’t participate in Maryland and Georgia. These folks are beginning to resemble a miniature United Healthcare group with the way they are operating as they seem to be following their foot steps all over the place. They started with buying up Health IT companies and it has now expanded into the math business models as well. Here’s a quote below from a recent article discussing Aetna, in United Healthcare style if you will.
“Unlike the other carriers, Aetna also included in its rate proposals an assumption that the newly insured would use more medical services to make up for years of going without care.”
Let’s also not forget how their profits are growing as indicated with their second quarter results. Last year they bought Coventry too for over 5 billion and then they also have this Cayman Island reinsurance deal in place.
In the meantime I guess the best we might look forward to is another Facebook contest from Sebelius, nothing personal but she’s over run by people who are a thousand times smarter than her and it’s really showing and we all suffer, she better hire some sleuths. She still seems pretty enamored over herself using Twitter.
This is really sad that the President’s own cabinet is not being of much help of late and it’s not just HHS, we have bunch of digital duds in there that can’t understand math and the power and we are so screwed. Link below has a few more details on how that works as well as the videos on the Algo Duping page . BD
Speaking of companies with less heart than the Tin Woodman, a tip of the funnel cap to health insurer Aetna .
The company announced in June that it would terminate most individual insurance policies in California at the end of the year, leaving thousands of customers high and dry.
Harlan Lassiter, 58, is one of the Aetna customers who will lose coverage as part of the company's efforts to save a buck. For the last five years, the Newport Beach resident has been paying Aetna $389 a month in premiums and swallowing an $8,000 deductible.
Now, adding insult to injury, he's just received a notice from the insurer saying that his monthly premium will rise 19% in October for his final three months of coverage.
Anjie Coplin, an Aetna spokeswoman, told me the rate hike is intended to cover expected medical costs prior to the company decamping from the individual insurance market.