Posted on 02/16/2021 8:03:36 AM PST by Oldeconomybuyer
CVS Health Corp said on Tuesday it would return to selling individual health insurance plans under the Affordable Care Act (ACA), popularly known as Obamacare, saying the market had stabilized.
Large health insurers such as UnitedHealth and CVS Health’s Aetna unit exited ACA exchanges in 2017 and 2018, due to years of mounting losses, and uncertainty as Republicans took aim at former U.S. President Barack Obama’s signature law.
“We’ve been studying the individual market for a while. Some of the remedies have been put in place. Clearly there’s a big market,” CVS Health’s recently-appointed Chief Executive Officer Karen Lynch said at a post-earnings conference call.
About 8.3 million people enrolled in 2020 Obamacare plans.
The move by CVS comes as President Joe Biden’s administration told the U.S. Supreme Court last week that the ACA should be upheld.
“We suspect the “Blue Sweep” in Washington, D.C. likely factored into this decision as it is already creating a more supportive policy backdrop for overall ... market growth,” said Stephens analyst Scott Fidel.
The ACA law had been defended by Democratic-led states and the Democratic-controlled U.S. House of Representatives.
(Excerpt) Read more at reuters.com ...
So do I now have to cut up my CVS card?
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