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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe country's largest health-insurance company is almost entirely quitting Obamacare
United Healthcare, which currently covers the most Americans in the US (pending the proposed Anthem-Cigna merger), said in its quarterly earnings release on Tuesday that it is removing its offerings from almost all Affordable Care Act exchanges by 2017.
http://www.businessinsider.com/united-healthcare-quitting-obamacare-2016-4
"Next year we will remain in only a handful of states, and we will not carry financial exposure from exchanges into 2017. We continue to remain an advocate for more stable and sustainable approaches to serving this market and those who rely on it for their care." The company had previously said that it was reviewing offering plans through the ACA exchanges, but this is confirmation that the company will remove nearly all of its products come 2017 to remove any financial impact. The exchanges are state-by-state marketplaces that allow Americans to compare and sign up for now-mandated health-insurance coverage.
Hemsley said that the cost of offering coverage was too high, as those who gained insurance through the exchange were less healthy and thus the company paid out more claims. So as we look at it, the early indications on the health status of the members appears to be a little bit worse," said UnitedHealthcare CFO Daniel Schumacher.
In total, the company expects to lose $650 million on people covered through the exchanges in 2016 after losing $475 million in 2015, according to Schumacher.
clarice
(5,504 posts)NightWatcher
(39,343 posts)Hoyt
(54,770 posts)Still too many people are opposed to single payer to try that route. Even though it would be the best system, over 40% of people want choice. They may be stupid, but trying to ram single payer down their throat won't work.
MadDAsHell
(2,067 posts)but apparently can't do math either.
Why he ever thought this was going to work...property insurance companies will not create a new policy for a burning home, why did he think it would work in health insurance?