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Keyword: unitedhealth

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  • UnitedHealth 1Q profit soars as ACA business shrinks

    04/18/2017 9:29:20 AM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Apr 18, 2017 10:40 AM EDT | Tom Murphy
    UnitedHealth’s first-quarter profit soared 35 percent as the nation’s biggest health insurer slashed participation in Affordable Care Act exchanges but grew just about every other part of its business. The insurer also hiked its 2017 earnings forecast on Tuesday, and company shares started climbing shortly after it detailed results. Enrollment in Medicare Advantage plans and the state- and federally funded Medicaid coverage both swelled for UnitedHealth, which also continued to grow an Optum segment that sells several services outside the company’s core health insurance. Operating earnings from that insurance businesses climbed 15 percent to $2.1 billion, even though UnitedHealth’s individual...
  • UnitedHealth sued over prescription drug co-pay costs

    10/05/2016 5:10:37 PM PDT · by george76 · 46 replies
    CNBC ^ | ‎10‎/‎5‎/‎2016‎
    UnitedHealth Group has been sued by three customers who accused the largest U.S. health insurer of charging co-payments for prescription drugs that were higher than their actual cost and pocketing the difference. The lawsuit, filed Tuesday in federal court in Minnesota by three UnitedHealth customers, seeks to represent a nationwide class that it says could include "tens of thousands" of people insured by UnitedHealth. The lawsuit said Minnesota-based UnitedHealth and affiliated companies charged customers co-payments for drugs that were significantly higher than prices it negotiated with pharmacies for those drugs. For example, the lawsuit claims, one class member paid a...
  • Aetna Pulls Back on Obamacare Health Insurance Plans in 2017

    08/16/2016 1:36:28 PM PDT · by GilGil · 17 replies
    NBC News ^ | 8/16/2016 | Reutuers
    Aetna, the No. 3 U.S. health insurer, on Monday said that due to persistent financial losses on Obamacare plans, it will sell individual insurance on the government-run online marketplaces in only four states next year, down from the current 15 states. Aetna's decision follows similar moves from UnitedHealth and Humana, which have cited similar concerns about financial losses on these exchanges created under President Barack Obama's national healthcare reform law.
  • Taxpayers on the Hook as Obamacare Exchanges Near the Edge of Collapse

    08/14/2016 9:30:39 PM PDT · by Olog-hai · 19 replies
    Cybercast News Service ^ | August 12, 2016 | 4:08 PM EDT | Phil Kerpen
    The health insurance exchanges that are the beating heart of Obamacare are on the edge of collapse, with premiums rising sharply for ever narrower provider networks, non-profit health co-ops shuttering their doors, and even the biggest insurance companies heading for the exits amid mounting losses. Even the liberal Capitol Hill newspaper is warning of a possible “Obamacare meltdown” this fall. Three states — Alaska, Alabama, and Wyoming — are already down to just a single insurance company, as are large parts of several other states, totaling at least 664 counties. UnitedHealth is pulling out completely, Humana is pulling out of...
  • UnitedHealth pulls out of Obamacare in California

    05/31/2016 2:51:50 PM PDT · by Tilted Irish Kilt · 20 replies
    washingtonexaminer.com ^ | 5/31/16 | By Robert King
    UnitedHealth is exiting California's Obamacare exchange as part of its exodus from the law's individual marketplaces. The state's Obamacare exchange, Covered California, told Kaiser Health News on Tuesday that the largest U.S. insurer is leaving the entire individual market in the state. Obamacare comprises a majority of the individual market, which is for people who don't get insurance through their job. UnitedHealth has been in the exchange for only about a year and has about 1,200 enrollees. Covered California had more than 425,000 people enroll overall in the latest open enrollment period. Earlier this year, UnitedHealth announced it was leaving...
  • Getting Set To Pick Up The Pieces Of ObamaCare’s Collapse

    04/21/2016 7:05:26 AM PDT · by MarvinStinson · 18 replies
    New York Post ^ | April 19, 201 | Betsy McCaughey
    ObamaCare’s collapsing. UnitedHealth announced it will abandon most ObamaCare markets. Giant insurers like Aetna and the BlueCross Blue Shield Association are next. They warned last week losses trying to sell ObamaCare plans are “unsustainable” and they’ll either stop selling the plans or significantly raise premiums. Even Hillary Clinton’s campaign admits the cost of ObamaCare is “crushing.” Six years of ObamaCare have taught the nation lessons that Republicans should not ignore. Keep it short: Don’t give us another 2,572-page “comprehensive” health bill that lawmakers vote on without reading. What Congress passes, Congress must live by: Under Obamacare, members of Congress and...
  • Five Things ACA Supporters Don't Want You To Know About UnitedHealth's Withdrawal From Obamacare

    04/20/2016 4:27:57 AM PDT · by markomalley · 24 replies
    Forbes ^ | 4/20/16 | Michael F. Cannon
    UnitedHealth is withdrawing from most of the 34 ObamaCare Exchanges in which it currently sells, citing losses of $650 million in 2016. A recent Kaiser Family Foundation report indicates UnitedHealth’s departure will leave consumers on Oklahoma’s Exchange with only one choice of insurance carriers. Were UnitedHealth to exit all 34 states, the share of counties with only one or two carriers on the Exchange would rise from 36% to 52%, while the share of enrollees with only one or two carriers from which to choose would nearly double from 15% to 29%. The Obama administration dismissed the news as unimportant. A spokesman professed...
  • United Health dropping out of most Obamacare exchanges after losing $1.1 billion

    04/19/2016 12:34:22 PM PDT · by SeekAndFind · 27 replies
    Hotair ^ | 04/19/2016 | John Sexton
    The nation’s largest insurer announced Tuesday it will be dropping out of the Obamacare exchanges in all but a handful of states. The decision comes after the company lost nearly half-a-billion dollars on the exchange business last year and expectations it will lose even more this year. The AP reports: UnitedHealth Group Inc. said it now expects to lose $650 million this year on its exchange business, up from its previous projection for $525 million. The insurer lost $475 million in 2015, a spokesman said.UnitedHealth has already decided to pull out of Arkansas, Georgia and Michigan in 2017, and...
  • UnitedHealth to trim ACA exchanges to 'handful' of states

    04/19/2016 6:50:12 AM PDT · by bobsunshine · 7 replies
    AP News ^ | April 19, 2016 | TOM MURPHY
    UnitedHealth, the nation's biggest health insurer, will remain in public health insurance exchanges in only a handful of states next year after expanding to 34 this year. CEO Stephen Hemsley told analysts Tuesday morning that the company cannot continue to broadly serve the market created by the Affordable Care Act's coverage expansion due in part to the higher risk that comes with its customers. The state-based exchanges are a key element behind the Affordable Care Act's push to expand insurance coverage. But insurers have struggled with higher than expected claims from that business. UnitedHealth Group Inc. has estimated that it...
  • Obamacare Exodus Accelerates: After Georgia And Arkansas, Biggest Health Insurer Exits MI and OK

    04/19/2016 5:54:06 AM PDT · by TigerClaws · 18 replies
    Two weeks ago we reported that after its November warning that it may exit certain Obamacare markets as a result of substantial losses, the largest U.S. health insurer UnitedHealth, did just that when it announced it would no longer sell plans for next year in Georgia and Arkansas. Then over the weekend, UnitedHealth also added Michigan to the list of states whose Obamacare market it would no longer service. As Bloomberg reported, "the insurer won’t sell policies through Michigan’s ACA exchange for next year, according to Andrea Miller, a spokeswoman for the state’s Department of Insurance and Financial Services. Georgia...
  • Obamacare Exodus Accelerates: After Georgia And Arkansas, Biggest Health Insurer Exits Michigan And

    04/18/2016 1:02:25 PM PDT · by Nachum · 18 replies
    zero hedge ^ | 4/18/16 | tyler durden
    Two weeks ago we reported that after its November warning that it may exit certain Obamacare markets as a result of substantial losses, the largest U.S. health insurer UnitedHealth, did just that when it announced it would no longer sell plans for next year in Georgia and Arkansas. Then over the weekend, UnitedHealth also added Michigan to the list of states whose Obamacare market it would no longer service. As Bloomberg reported, "the insurer won’t sell policies through Michigan’s ACA exchange for next year, according to Andrea Miller, a spokeswoman for the state’s Department of Insurance and Financial Services. Georgia...
  • Insurer UnitedHealth starts pruning ACA exchange business

    04/11/2016 7:40:25 PM PDT · by Olog-hai · 18 replies
    Associated Press ^ | Apr 11, 2016 4:44 PM EDT | Tom Murphy
    The nation’s biggest health insurer has decided to stop selling coverage on public insurance exchanges in two states for next year, but consumers shouldn’t take this as an early warning that a mass exodus is brewing from a key element of the Affordable Care Act’s coverage expansion.Analysts say these exchanges may be improving for insurers after a difficult start. However, they also expect insurers to continue leaving some unprofitable markets as the coverage expansion heads toward its fourth year. UnitedHealth Group Inc. said it will not sell coverage on exchanges in Arkansas and Georgia for 2017, and it is continuing...
  • Insurer warnings cast doubt on ACA exchange future

    02/26/2016 7:52:56 AM PST · by Olog-hai · 20 replies
    Associated Press ^ | Feb 26, 2016 10:13 AM EST | Tom Murphy
    Political uncertainty isn't the only threat to the Affordable Care Act's future. Cracks also are spreading through a major pillar supporting the law. Health insurance exchanges created to help millions of people find coverage are turning into money-losing ventures for many insurers. The nation's largest, UnitedHealth Group Inc., could lose as much as $475 million on its exchange business this year and may not participate in 2017. Another major insurer, Aetna, has questioned the viability of the exchanges. And a dozen nonprofit insurance cooperatives created by the law have already closed, forcing around 750,000 people to find new plans. More...
  • UnitedHealth loses $720 million offering plans under Obamacare, may withdraw next year

    01/19/2016 7:31:34 PM PST · by Zakeet · 21 replies
    Washington Times ^ | January 19, 2016 | Tom Howell Jr.
    The nation's largest insurer said it booked $720 million in losses last year by offering plans under Obamacare, and warned Tuesday that it might still withdraw altogether from the health law by next year. UnitedHealth Group told investors that it expects more losses due to Obamacare in 2016, countering an otherwise upbeat earnings report for the company, and serving as a challenge to President Obama, who wants to leave the law on firmer footing. The administration brushed off the news, saying other major insurers are sticking by the exchanges and that it is focused on the final two weeks of...
  • World View: Obamacare in Death Spiral as UnitedHealth Announces Pullout

    11/21/2015 11:13:13 AM PST · by Beave Meister · 10 replies
    Breitbart ^ | 11/20/2015 | John J. Xenakis
    UnitedHealth Group, the country’s largest health insurer, announced on Thursday that it was expecting to lose $600 million on Obamacare policies in 2016 from the health insurance exchange websites, and may terminate its Obamacare business by 2017. This was a sudden turnabout for the company. It was just a month ago that the company had said in an earnings call that they expected to expand their Obamacare coverage in 2017. According to Dave Wichmann, president and CFO, on October 15: The annual care ratio is being modestly affected by the performance of our new [Obamacare] public exchange benefit programs which...
  • Obama-Scare: Biggest US health insurer might leave exchanges

    11/19/2015 5:10:43 PM PST · by lbryce · 10 replies
    Fox ^ | November 19, 2015 | Staff
    The nation’s largest health insurer fired a shot across the bow of ObamaCare on Thursday, citing flagging enrollment and high-risk customers in suggesting it may have to pull out of the exchanges in 2017. UnitedHealth Group raised the alarm in an earnings update Thursday morning, with CEO Stephen J. Hemsley warning of dimming conditions in the market. He pointed to lower enrollment forecasts and a concern that the exchanges are increasingly taking on less healthy – and therefore more costly – customers. “In recent weeks, growth expectations for individual exchange participation have tempered industrywide, co-operatives have failed, and market data...
  • New ObamaCare angst as top insurer threatens to bail - payout to insurers is .13 on every $1.00

    11/20/2015 3:56:44 AM PST · by Cincinatus' Wife · 59 replies
    The Hill ^ | November 20, 2015 | Sarah Ferris
    A threat by the nation's largest health insurer to pull out of ObamaCare is a sign of the industry's growing angst about the viability of the federal exchanges, sources close to the industry say. UnitedHealthcare's warning sent new shockwaves across the healthcare sector after weeks of mounting anxiety among private insurers whose participation in the exchanges is critical to the viability of the president's signature law. In the last month alone, insurers have learned that the Obama administration has significantly lowered its expectations for new customers and will have far fewer federal dollars to help cushion insurer losses. "We've been...
  • UnitedHealth's Warning Shows How Medicaid Is Taking Over Obamacare

    11/19/2015 7:03:23 PM PST · by GilGil · 9 replies
    Forbes ^ | 11/19/2015 | Scott Gottlieb
    In short order, Obamacare is evolving into a Medicaid marketplace. Not only in terms of the design and quality of the narrow-network plans that are being offered, but in the actual carriers that sell those policies. Obamacare’s costly regulations mean that the mix of people who sign up are tending to be older and sicker. Many young and otherwise healthy individuals continue to be priced out of the exchanges, even after the benefit of federal subsidies are baked into their costs. Meanwhile, it’s the Medicaid managed care companies that are growing the number of plans they market on the exchanges....
  • UnitedHealth Group: Nation's largest insurer may exit Obamacare due to losses

    11/19/2015 7:48:17 AM PST · by SeekAndFind · 34 replies
    Washington Examiner ^ | 11/19/2015 | Philip Klein
    UnitedHealth Group, the largest insurance company in the U.S., on Thursday slashed its earnings outlook, citing new problems related to Obamacare, and told investors it may exit the program's exchanges. "In recent weeks, growth expectations for individual exchange participation have tempered industrywide, co-operatives have failed, and market data has signaled higher risks and more difficulties while our own claims experience has deteriorated," Stephen J. Hemsley, chief executive officer of UnitedHealth Group, explained in a press release. The release added that, "UnitedHealthcare has pulled back on its marketing efforts for individual exchange products in 2016. The company is evaluating the viability...
  • Judgment Day in Washington: Why Andy Slavitt Must Not Run Medicare

    07/29/2015 10:31:44 AM PDT · by Rona Badger · 1 replies
    The American Medical Money Machine ^ | July 29, 2015 | TAMMM Staff
    Many of us cheered in January of this year when Marilyn Tavenner, the woman who headed the disastrous rollout of the healthcare.gov website, announced she’d be stepping down from her position as Administrator of the Centers for Medicare and Medicaid Services (CMS). At the time, we weren’t too focused on who would be replacing her. Waiting in the wings was Andrew M. Slavitt, now Acting Medicare Chief, who had been biding his time as CMS’ deputy administrator since July 2014. Even though he’s been accused of possible cronyism and conflicts of interest, Andy Slavitt has a special brand of insurance...