Major Insurance Company Ditches Obamacare, Profits Skyrocket
UnitedHealthcare Group’s quarterly profit skyrocketed after the insurance provider drastically downsized its participation in the Obamacare exchanges.
The company’s profit rose by 35 percent in the first-quarter of 2017, and expanded nearly every aspect of its operation, including its participation in Medicare Advantage and Medicaid plans, The Associated Press reports. In total, UnitedHealth brought in $2.17 billion in first-quarter earnings, with $48.72 billion in revenue. Shares of UnitedHealth are up 1.08 percent as of 2:12 p.m. Tuesday afternoon.
UnitedHealth’s operating income also rose outside of its health insurance offerings. The company experienced a 16 percent bump in operating earnings from Optum, another facet of UnitedHealth. Optum provides it with pharmacy benefits management and technological capabilities, as well as a network of doctor and clinical offices.
Following what amounted to a $475 million loss from participating in the exchanges in 2015, UnitedHealth announced in April 2016, that it would back out of all but a “handful” in 2017. The group expected to lose as much as $800 million in 2016.
“The
smaller overall market size and shorter term, higher-risk profile
within this market segment continue to suggest we cannot broadly serve
it on an effective and sustained basis,” UnitedHealthcare Group CEO
Stephen Hemsley told reporters in 2016. “Next year, we will remain in
only a handful of states, and we will not carry financial exposure from
exchanges into 2017.”
UnitedHealth is not alone. Insurance providers Aetna and Humana are also leaving the exchanges.
http://dailycaller.com/2017/04/18/major-insurance-company-ditches-obamacare-profits-skyrocket/
Health insurance industry rakes in billions while blaming Obamacare for losses
Major insurance companies are enjoying record profits but claim they are losing money under the Affordable Care Act
https://www.consumeraffairs.com/news/health-insurance-industry-rakes-in-billions-while-blaming-obamacare-for-losses-110116.html
Major health insurance company CEO says Obamacare is in a ‘death spiral’
http://www.theblaze.com/news/2017/02/15/major-health-insurance-company-ceo-says-obamacare-is-in-a-death-spiral/
UnitedHealthcare Group’s quarterly profit skyrocketed after the insurance provider drastically downsized its participation in the Obamacare exchanges.
The company’s profit rose by 35 percent in the first-quarter of 2017, and expanded nearly every aspect of its operation, including its participation in Medicare Advantage and Medicaid plans, The Associated Press reports. In total, UnitedHealth brought in $2.17 billion in first-quarter earnings, with $48.72 billion in revenue. Shares of UnitedHealth are up 1.08 percent as of 2:12 p.m. Tuesday afternoon.
UnitedHealth’s operating income also rose outside of its health insurance offerings. The company experienced a 16 percent bump in operating earnings from Optum, another facet of UnitedHealth. Optum provides it with pharmacy benefits management and technological capabilities, as well as a network of doctor and clinical offices.
Following what amounted to a $475 million loss from participating in the exchanges in 2015, UnitedHealth announced in April 2016, that it would back out of all but a “handful” in 2017. The group expected to lose as much as $800 million in 2016.
UnitedHealth is not alone. Insurance providers Aetna and Humana are also leaving the exchanges.
Health insurance industry rakes in billions while blaming Obamacare for losses
Major insurance companies are enjoying record profits but claim they are losing money under the Affordable Care Act
https://www.consumeraffairs.com/news/health-insurance-industry-rakes-in-billions-while-blaming-obamacare-for-losses-110116.html
Major health insurance company CEO says Obamacare is in a ‘death spiral’
http://www.theblaze.com/news/2017/02/15/major-health-insurance-company-ceo-says-obamacare-is-in-a-death-spiral/
