Posted on 12/01/2015 4:13:21 PM PST by SkyPilot
The CEO of UnitedHealthCare on Tuesday said he regretted the decision to enter the ObamaCare marketplace last year, which the company says has resulted in millions of dollars in losses.
"It was for us a bad decision," UnitedHealth CEO Stephen Hemsley said at an investors meeting in New York, according to Bloomberg Business.
UnitedHealth, the countrys largest insurer, announced last month that it would no longer advertise its ObamaCare plans over the next year and may pull out completely in 2016, a move that sent shockwaves across the healthcare sector.
Hemsleys remarks double down on his earlier warning that the ObamaCare exchanges remain weaker than expected after two years and that it will take far longer for insurers to profit from the millions of new enrollees.
The company had already eyed ObamaCares federal marketplace cautiously since it launched in 2013. UnitedHealth only began selling plans on the exchanges last year.
Now, UnitedHealth officials have said that move will result in a half-billion dollars in losses over two years.
Hemsley said it was smart to sit out of the exchanges for the first year, but that the company should have held out another year.
"In retrospect, we should have stayed out longer," he said, adding that he believes the marketplace will take more than “a season or two†to develop.
"We did not believe it would form this slowly, be this porous, or become this severe," he said.
(Excerpt) Read more at thehill.com ...
Lol.
And the stupid a** Democrats insist on calling it the Affordable Care Act.
IOW...Single Payer...managed by the Borg...( Government )
It's all about the money, folks.
And control...........
Rahm Emmanuel just announced that he was going to be the new CEO of United Healthcare.
All those healthy young people with no jobs are either on their parents insurance or medicaid. Apparently we’re all smarter than this CEO
LOL - post #10.
True.
Everytime AARP sends me something it goes right in the shredder or the fireplace.
We freeping told you so!
So true.
Healthcare is so expensive in the US because everyone is at the trough, but very, very few are actually providing hands on medical care.
The lawyers are pigs, the lobbyists are pigs, big Pharm are pigs, and every "middle man" who has his hands out are pigs. None of them actually take care of anyone.
Then we have the "where my free helfcare be at?" crowd. Illegals have shut down ERs all over the country because they are parasites and the hospitals cannot afford them anymore.
I refused to give up my personal HC policy with Blue Cross Blue Shield to go on Obama Care. It was 400. a month with a 2500 deductible, then went up to 550. after Obamacare, now they are hiking it another 200. a month next year and all I have are regular checkups! May have to eat lots of beans to pay for that hike but I am not going to go on Obamacare!
\
I hope they do not go bankrupt, this is my secondary.
Maybe he has moved all his wealth to overseas accounts. Expect an audit, Bud.
Ya big duh.
“It was for us a bad decision,”
Made totally out of greed. Couldn’t pass up the chance to get
in on those mandated taxpayer subsidized high commissions.
I hope every insurance company that threw in with the devil
goes under. They deserve it.
“But all us dumb hillbillies on the interwebs knew better.”
They knew better as well. The greedy bastards are playing this up
because the Obama is going to give them a bailout soon.
“We did not believe it would form this slowly, be this porous, or become this severe,” he said.
This is just setting the stage. They are loosing no doubt
but they need to show bigger losses so they can really
rake it in.
Looks to me like they’re trying to set up a “crisis” so as to obtain a bailout.
What is that saying the politicians are so fond of? Never let a crisis go to waste.
“I didn’t choose to, agree to or like Bampster Care.
But then, thanks to the unicks in DC, I did not have a choice. Did I spell unicks right? Mitch, John??”
Eunuchs. :)
Anyway, all this makes me rather glad I’m “not eligible” for Obamacare.
Only because it didn’t turn out to be quite the fleecing of the taxpayers that was promised. Screw you, you got into bed with Zer0, suck it. Of course, you and your ilk are driving us to single payor sooner than planned.....
Only because it didn’t turn out to be quite the fleecing of the taxpayers that was promised. Screw you, you got into bed with Zer0, suck it. Of course, you and your ilk are driving us to single payor sooner than planned.....
Funny, he didn’t regret sucking away at the government teat when taxpayer-furnished cash was flowing....
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