The story of the Affordable Care Act is taking yet another turn today, with news that Connecticut-based Aetna is hitting the brakes on expansion plans.
In May, the Star Tribune reported on how the individual market in Kansas was pleased to welcome new entrants Aetna and Medica, which is based in Minnetonka.
The competition was sorely needed in Kansas because the pullback by Minnetonka-based UnitedHealthcare meant there might otherwise be only one health insurer in the state's individual market for 2017.
The AP has this report today on Aetna's pullback, which the company described as part of an earnings call that tallied the latest estimate for losses on new government-run health insurance exchanges.
These online marketplaces are part of the individual market, where people buy coverage if they don't get coverage from their employer or a government program.
In a statement provided Tuesday to the Star Tribune, Aetna said: "In light of updated 2016 projections for our individual products and the significant structural challenges facing the public exchanges, we intend to withdraw all of our 2017 public exchange expansion plans, and are undertaking a complete evaluation of future participation in our current 15-state footprint."
Stay tuned.
