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US: Aetna CEO Denies Obamacare Exits Were Retaliation

By  |  December 12, 2016

Aetna’s chief executive denied on Friday that its withdrawal from some Obamacare exchanges was in retaliation for government efforts to halt its merger with Humana, as he sought to convince a federal judge to approve the deal.

The US Justice Department sued to stop the $34 billion tie-up in July, saying that it and another insurance mega-merger, Anthem’s planned purchase of Cigna, would mean higher prices and worse service for many consumers.

The primary disputes in Friday afternoon’s testimony were whether traditional Medicare, which is managed by the government, competes with Medicare Advantage, run by insurers, and whether Aetna pulled out of some public Obamacare exchanges out of anger after the department filed its lawsuit.

Aetna’s CEO Mark Bertolini said the decision was driven by the financial losses the company was incurring through the exchanges, established under President Barack Obama’s signature healthcare law.

Full Content: Insurance Journal

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