Just because someone signs up for an Obamacare plan doesn’t mean he or she will pay to keep it. For weeks now Obamacare supports have touted the high number of signups, as many as eight million according to some estimates. But Investors Business Daily reports that big companies like Aetna are seeing significant customer attrition as the newly insured can’t keep up with paying their premiums:
The nation’s third-largest health insurer had 720,000 people sign up for exchange coverage as of May 20, a spokesman confirmed to IBD. At the end of June, it had fewer than 600,000 paying customers. Aetna expects that to fall to “just over 500,000” by the end of the year. […]That would leave Aetna’s paid enrollment down as much as 30% from that May sign-up tally.
Aetna isn’t the only one: the CEO of Cigna has also confirmed it is seeing some attrition. To be sure, even with the non-paying customers dropping off the list, these companies are still making enough new profits to expand into new markets. But even so, if attrition continues, we may wind up seeing less long-term insured customers than the eight million number trumpeted by the law’s supporters.