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 ...
My husband’s company is switching to United Healthcare. We had great insurance this year, and I hate that we are switching.
My husband’s company is switching to United Healthcare. We had great insurance this year, and I hate that we are switching.
My husband’s company is switching to United Healthcare. We had great insurance this year, and I hate that we are switching.
3 times the charm
Yep. They thought they were going to get rich so they made a pact with the devil whose intention was to turn the healthcare industry into a government revenue making machine by screwing the people with high deductibles, denying their claims, and forcing them to pay a penaltyif they didn't sign up. What they didn't figure was that The People figured out their game plan.
He does not regret too uch.
His pay: $66,125,208 for the year ended Dec. 31, 2014
How many people were denied healthcare just to pay him that amount?
How did that happen?
While I believe CEOs should be compensated, health care is a system that’s designed not to pay for care. I wonder what services/care can be provided to members with some of the obscene salary of CEO Hemsley.
As Chief Executive Officer at UNITEDHEALTH GROUP INC, Stephen J. Hemsley made $14,856,321 in total compensation. Of this total $1,300,000 was received as a salary, $3,949,000 was received as a bonus, $1,874,728 was received in stock options, $7,625,114 was awarded as stock and $107,479 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year.
Other healthcare companies also pay their CEOs tremendous salaries plus stock and options. Hemsley’s $14,856,321 Compensation is in keeping with Wellpoint’s/BlueCross, Patricia Hemingway Hall who earned more than $12.9 million in 2011 ...and so it goes.
http://www1.salary.com/Stephen-J-Hemsley-Salary-Bonus-Stock-Options-for-UNITEDHEALTH-GROUP-INC.html
A very, very rich idiot.
GRRRRRRRRRRRRRRRR!
Hey Stephen Helmsley.....you are a DUMBASS.....you are too stupid to run a business.....RESIGN!!
“Stephen Hemsley is the dumbest human being on the planet, bar none.”
I would suggest that he is in a tie with all those who voted for obama, and both hemsley and obama should be removed from their respective offices.
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