In an interview on CNBC today, the CEO of Aetna said that they may be forced to leave Obamacare if not enough new enrollments are captured by the program. Currently these are estimated at 11%. Aetna
CEO Mark Bertolini told CNBC on Wednesday that Obamacare has failed to attract the uninsured, and he offered a scenario in which the insurance company could be forced to pull out of program.
The company will be submitting Obamacare rates for 2015 on May 15.
"Are they going to be double-digit [increases] or are we going to get beat up because they're double-digit or are we just going to have to pull out of the program? …Those questions can't be answered until we see the population we have today. And we really don't have a good view on that."
Basically, the Obamacare "death spiral" everyone is talking about is rearing its ugly head again. Without new enrollments that are expected to be younger and healthier insurance customers, the expense to cover all the sicker and older insured won't be covered by the program.
He said that so far, Obamacare has just shifted people who were insured in the individual market to the public exchanges where they could get a better deal on a subsidy for coverage. "We see only 11 percent of the population is actually people that were firmly uninsured that are now insured. So [it] didn't really eat into the uninsured population."
Even more so, he admits that they have no clue what the composition is of the population so far insured through Obamacare. Why don't they know who has signed up? Is this a problem across the board for all insurers, and if so, aren't they talking about it?
These are questions that could spell doom for Obamacare, despite the assurances by the administration and its news media accomplices that everything is perfectly fine.