More ObamaCare Disasters

From the Baltimore Sun:
Aetna Inc. said Friday it canceled plans to sell insurance on Maryland's new health insurance exchange, set to open Oct. 1 as part of the federal health care reform law, after regulators cut the rates it could charge consumers for its plans.
Aetna was one of several carriers poised to sell on the state's exchange, along with Coventry Health Care, which Aetna acquired this spring. But Aetna told Maryland Insurance Commissioner Therese M. Goldsmith in a letter this week that cuts regulators made to the rates the companies had proposed "would not allow us to collect enough premiums to cover the cost of the plans."
The decision leaves the exchange with fewer choices for consumers who need to buy insurance, as required by the law, because they don't have it now or can't get it from their employer. But state officials said they don't expect the loss of Aetna and Coventry to significantly reduce consumers' options.
"This is not a step that we take lightly," Aetna said in a statement. "We believe it is critical that our plans not only be competitive, but also financially viable, allowing Aetna and Coventry to meet the long-term needs of the Exchanges in which we choose to participate."
Aetna and Coventry combined insure 13,000 individual members in Maryland and 620,000 individuals nationwide. The decision does not affect coverage the insurers offer in the state through employers.
Aetna had filed a proposal with state insurance regulators to raise its rates 25.4 percent, the highest of any carrier. The rate the state approved July 26 was 29 percent lower than what Aetna sought, while other carriers saw their proposals cut back by as much as 33 percent.
Read more: http://www.baltimoresun.com/health/bs-hs-aetna-maryland-exchange-20130802,0,6211024.story#ixzz2au5OD5Bd
One of the things conservatives said would happen is that more and more insurance companies will either drop health care insurance or these health insurance companies will go bankrupt.
Well, we are seeing the beginning of this prophesy.