Posted on 02/03/2016 2:23:43 AM PST by Oldeconomybuyer
Amid growing questions over the future of Obamacare exchanges, the head of California's marketplace said the nation's largest private health insurer should take responsibility for nearly $1 billion in losses and stop blaming the federal health law.
In a blistering critique, Covered California's executive director, Peter Lee, said UnitedHealth Group Inc. made a series of blunders on rates and networks that led to a $475 million loss in 2015 on individual policies across the country. The company estimates a similar exchange-related loss of $500 million in 2016.
"Instead of saying, 'We screwed up,' they said, 'Obamacare is the problem and we may not play anymore,' "Lee said in an interview with California Healthline. "It was giving an excuse to Wall Street and throwing the Affordable Care Act under the bus."
During a Nov. 19 conference call with analysts, UnitedHealth's CEO Stephen Hemsley said: "We can't really subsidize a marketplace that doesn't appear at the moment to be sustaining itself. ... I think that basically is an industry-wide proposition."
(Excerpt) Read more at npr.org ...
LOL—blame the last guy down the chain. Who didn’t want to be a judicial activist. Thank you, Oldeconomybuyer.
What BS. My employer earmarked 50 Million in losses last year for ObamaCare and even more this year.. The other insurance company across town had I believe over a 1/4 Billion in losses on Obamacare coverage... This isn’t one company throwing Obamacare under the bus, the law is a complete disaster
Covered California, what a laugh, I’ll tell you what California is covered in....
In a narrow sense, he’s right. The insurance companies chose to go on the exchanges with products they designed (premiums, deductibles, networks) and benefit regulations and an adverse selection proclivity that were quite dear. In many cases they were greedy for that sweet gub’mnt cheese (subsidies and risk corridors).
“Insurance markets can’t function properly without enough healthy customers paying premiums, which are used to cover expenses incurred by sicker policyholders. “
All we need is PEACE and these problems go away IMMEDIATELY!!!
Public Employee Affordable Care Enrollment ACT
ALL Persons that can be classified as a “Public Employee” SHALL purchase their own individual and family Health Insurance from the Covered California Exchange.
PROBLEM SOLVED.
Why should our Public Employees be stuck in these “Inferior”, “Expensive” plans, they deserve the very Best, Affordable, High Quality Health Insurance the Country has to Offer, OBAMACARE!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.