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Aetna’s withdrawals from health exchanges raise questions about Obamacare’s viability

When Aetna Inc. announced that it would withdraw from three-quarters of the states where it offers Affordable Care Act exchange plans, the move wasn’t entirely unexpected: The company had signaled its woes early this month.

But the decision by one of the nation’s largest health insurers AET, -0.79% to withdraw from 11 of 15 state exchanges follows similar moves by UnitedHealth Group Inc. UNH, -0.09% , the largest U.S. health insurer, and Humana Inc. HUM, -0.82% , another large health insurer.

The string of bad news marks a tidal shift for the ACA. Where insurers, including Aetna, had once planned on exchange expansions next year, many are instead curtailing their coverage.

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