The 3rd largest health insurance company in the US is pulling its plans from 70% of the Obamacare insurance exchanges it participates in. Time
Aetna this week became the latest insurer to pull out of the Affordable Care Act marketplace in Arizona.
Aetna joins UnitedHealthcare, Health Choice Insurance Co. and Humana as insurers that will not offer Obamacare health-insurance plans next year in Arizona. Health Net, meanwhile, will scale back to offer an Obamacare health-insurance plan only in Pima County.
These insurer exits will limit options for consumers enrolled in an ACA marketplace plan.
What happens in Pinal County?
A total of 9,667 Pinal County residents had selected a marketplace plan as of Feb. 1, and those customers who wish to continue subsidized coverage beyond Jan. 1 have no current options. That would change if another insurer commits to Pinal.
Right now, there are no health-insurance companies committed to selling marketplace plans in Pinal County. Aetna had planned to sell plans in Maricopa County and Pinal County, but the insurer reversed course and pulled out of Arizona's marketplace. Obama Administration officials say they are confident a marketplace option will emerge by the time the three-month enrollment period begins Nov. 1. Blue Cross Blue Shield of Arizona, which earlier announced plans to drop out of Maricopa and Pinal counties, said it would reconsider in the wake of Aetna's decision.
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Two major health insurance companies, Blue Cross Blue Shield of Arizona and Health Net, will drop Affordable Care Act plans next year in Maricopa and Pinal counties, forcing tens of thousands of consumers to switch plans next year.
What options will Maricopa County residents have?
Maricopa County residents enrolling in coverage through ACA had eight insurance companies to choose from this year. There will be far fewer options in 2017. Only two insurance companies — Cigna and Phoenix Health Plans — are now poised to offer a marketplace plan. That means customers now insured by other companies through ACA will have to change carriers.
Customers might also pay more because Cigna and Phoenix Health Plans are seeking significant rate increases. Phoenix Health Plans wants to raise average rates by 122.8 percent. Cigna has requested an average increase of 19.2 percent. The Arizona Department of Insurance is still reviewing those rates request, so it does not mean those full rate requests will be approved. The vast majority of marketplace customers qualify for tax-credit and cost-sharing subsidies, so those consumers might not see much of an increase.
Other "off-exchange" plans that do not offer financial subsidies should be available to consumers. Although Aetna will exit the marketplace, it intends to sell an off-exchange plan in Maricopa County.
I'm enrolled in an Aetna marketplace plan. How does that affect me?
If you continue to pay your monthly premium, you can keep your coverage through the end of this year. However, you will need to find a new plan for 2017. The three-month enrollment period begins Nov. 1.
I don't have an Obamacare plan. Do I need to worry?
The marketplace exits do not affect most Arizonans who get insurance through an employer or a government insurer such as Medicare, Medicaid or the U.S. Department of Veterans Affairs. Employers have their own enrollment periods that allow workers to select an insurance plan. Also, consumers who have a Medicare plan can review their coverage through Medicare's open enrollment, which runs from Oct. 15 through Dec. 7.
How many people are covered by the ACA?
As of March 31, nearly 180,000 Arizonans were enrolled in an ACA marketplace plan. The vast majority of those consumers receive subsidies to offset the cost of monthly premiums. But consumers who want to keep their subsidized coverage in 2017 will have far fewer options.
The health-care law also provided funding to allow states to expand Medicaid coverage for those who earn up 138 percent of the federal poverty level — or about $33,500 for a family of four. More than 390,000 Arizona residents secured Medicaid coverage as of this month, according to Arizona Health Care Cost Containment System figures.
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