Posted on 07/03/2013 3:54:20 AM PDT by tobyhill
A second health insurer notified state regulators Tuesday that it will stop selling individual policies in California. UnitedHealthcare announced it will no longer offer individual insurance plans after the end of the year. It will focus instead on its core business of group plans for large and small employers. "Our individual business in California has always been relatively small and we currently serve less than 8,000 individual customers across the state," the company said in a statement. "Over the years, it has become more difficult to administer these plans in a cost-effective way for our members in California."
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"While both UnitedHealthcare and Aetna have a very small share of California's individual health insurance market, their departure means less choice, less competition, and more market consolidation by the remaining big three health insurers -- Anthem Blue Cross, Blue Shield of California, and Kaiser -- which means an increased likelihood of even higher prices from those health insurers downstream," Jones, a Democrat, said in a statement.
(Excerpt) Read more at foxnews.com ...
“If you like your doctor, you will be able to keep your doctor. Period. If you like your health care plan, you will be able to keep your health care plan. Period. No one will take it away. No matter what.”
-B.H.Obama
The plan was always to kill all private insurance or make it impossible for companies to afford it so everyone becomes a welfare recipient of welfare healthcare. And for those who have ever visited a clinic like that, welp, good luck to us all.
Between Minimum Loss Ratio mandates that severely limit profit margins, reinsurance mandates, and health industry fees that go up every year, it's becoming evident, even to the actuarial geniuses at Aetna et al that they will be out of business in a few years under obamneycare.
Government is full of people with huge egos and limited practical knowledge. When you combine these two factors with the expansive powers of government you inevitably wind up with a bureaucratic disaster. Beware of arrogant idiots with power.
Yep/ Their stocks as a group bounced nearly 5% the day this POS legislation was signed. And they are climbing again in anticipation.
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