UnitedHealth CEO regrets entering ObamaCare

[Freewill]

It's only the largest insurer in the country, what could go wrong? Damn the Republicans for not voting for Obamacare.

UnitedHealth CEO regrets entering ObamaCare

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 investor’s meeting in New York, according to Bloomberg Business.

UnitedHealth, the country’s 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.

Hemsley’s 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 ObamaCare’s 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.

 

[saveliberty]

I would have thought insurance CEOs smart enough to see this was meant to fail from the beginning.

 

[Arianrhod]

So a doubling of profit quarter over quarter wasn't enough for him?

 

[saveliberty]

So a doubling of profit quarter over quarter wasn't enough for him?

Not possible under Obamacare nimrod, you are required to return excess profit to the customers.

 

[Vigilante]

• Will There Be An Obamacare Bailout Of Insurers?
  Forbes ^ | 11-30-15 | Brian Blase
  The Affordable Care Act (ACA) is not working out the way many insurance companies thought it would. Despite the individual mandate and massive new government subsidies delivered directly to insurers, many participating insurers, whose continued participation is essential to the ACA’s future, are losing substantial money. In order to assist those insurers, the administration is now seeking a taxpayer-financed bailout for them. Congress can block taxpayer funds from being used for this purpose by extending language contained in the 2015 government funding bill. Congress could also look to end the back-end subsidy that transfers money from people with workplace coverage...

 

[thereisnospoon]

I would have thought insurance CEOs smart enough to see this was meant to fail from the beginning.

I think they jumped on board in order to curry favor with the White House...Just another example of how the donor class gets favorable treatment from the democrats

 

[thereisnospoon]

So a doubling of profit quarter over quarter wasn't enough for him?

Excuse me, Mr Comprehension. United Health is LOSING money on Obamacare.

 

[Timmy]

Will this cut into his $15 million dollar a year salary?

 

[BULLDOG]

United healthcare made 5.6 billion profit in 2014, and they have dropped 3% this year. Hard to feel sorry for that.

 

[Arianrhod]

So a doubling of profit quarter over quarter wasn't enough for him?

Not possible under Obamacare, you are required to return excess profit to the customers.

Someone doesn't understand the difference between customers and shareholders.

 

[Stephanie]

I bet they do. all that taxpayers money he lost out on. but but the left loves them CEOs

 

[Mac1958]

A half billion in losses over two years. And that's with both mediocre high-deductible plans and profit caps.

This isn't exactly a surprise, is it?
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