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 ...
Epic Fail Part DeuX
COMING SOON TO A COMMUNITY ORGANIZED ‘HOOD NEAR YOU SOON..
So does HCA. They’ve been working on backing out of it. HCA supported it. Remember Frist?
imagine that.
But all us dumb hillbillies on the interwebs knew better.
My doctor dropped UHC. Thank God I am with another provider. They paid only 27 cents for every dollar of claim. Now they run the Pentagon HC. That’s why they supported it.
Greedy SOBs.
It appears he’s still saying they will work out.
Chortle
If you like your doctor, you can keep your doctor
The government will reimburse the insurers for losses
ISIL is contained
Ain’t nobody got time fo’dat! SCREW every single company and citizen that agreed and allowed this Obamanation to happen. PhotoOps and all, here that Caterpillar?!
It’s been my experience that United is the lousiest of the larger insurance companies out there.
The current Obama Admin guy in charge of implementing Obamacare is a former UnitedHealthCare senior exec.
That CEO should be removed from office right now. Anyone of us could have told him it was a dumb move.
so did mine
he told me that United did not pay up.
Sorry bucko. You signed on with Homobama to screw America.
Eat your peas.
Well no sh!t. Retard.
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??
Stevie Wonder could have seen this one coming.
This CEO needs to be pink slipped by his Board tomorrow.
Our company just had our annual enrollment with UnitedHealth Group. I am going to milk the system, get tons of routine exams and scans, so I can get taken care of before the entire system goes to s—t.
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