AETNA CEO: Obamacare Will Continue to Deteriorate If Nothing Happens.

Aetna, one of the largest insurers in the United States, announced last week that it planned to exit the Obamacare exchanges in Iowa and Virginia, citing major losses.

“Looking beyond 2017, we continue to evaluate our footprint with a view towards significantly reducing our exposure to individual commercial products in 2018,” said Shawn Guertin, Aetna’s chief financial officer. “We have already disclosed our planned 2018 exit from one of our 2017 state-based exchanges and intend to communicate other 2018 footprint decisions when appropriate.”

Bertolini mentioned that Medica, another health care insurer, notified Iowa last week that it was also pulling out of the exchanges which means there will be no one in Iowa with coverage.

I’m so old I can remember when ObamaCare was touted as the salvation for private health coverage.