“It was for us a bad decision,” UnitedHealth CEO Stephen Hemsley said at an investor’s meeting in New York, according to Bloomberg Business. He should correct that – It was for the U.S. a bad decision.
The CEO of UnitedHealthCare Stephen Hemsley said on Tuesday that entering the Obamacare exchanges cost his investors millions of dollars and he is sorry he ever did it.
He waited a year before entering the exchanges but said he should have waited another year.
It will not advertise ObamaCare plans this next year and may pull out completely by 2016, a move which will cost the company half a billion dollars over two years.
Obama is looking for a way to bail out insurance companies but a measure by Marco Rubio blocked his path to the trillion dollar risk corridor fund.
The company said it expects operating earnings of $13.1 billion to $13.5 billion next year, on revenue of $180 billion to $181 billion and stocks are up 11%. This is the company Obama wants to bail out.
Helmsley said the Obamacare marketplace will take a while to develop.
Bloomberg reported he’s not alone. Other insurers, including competitors Anthem Inc. and Aetna Inc., have also either suffered losses in the markets or said they haven’t seen the margins they expected.
Those of us who hate government-controlled healthcare hope it crashes and burns. There is no reason at this time to believe next year will be any different than this year. Enrollments are stagnant.
Helmsley added, “We did not believe it would form this slowly, be this porous, or become this severe,” he said.
They should have known.
Almost all of the new enrollees are due to the expansion of Medicaid. According to 2013 data from a 2014 Merritt Hawkins study, 55% of doctors already refuse new Medicaid patients – that is the free government healthcare.
According to the HSC Health Tracking Physician Survey, 2008, the percentage of doctors that refuse new Medicaid patients dwarf by about 8 to 10 times the percentage that refuses new private insurance patients, because of Obamacare, CNN reported.
Medicaid patients suffer worse outcomes. They can’t get the doctors they want and yet the plan costs $450 billion a year. That money should go to the poor to enable them to buy their own plans.The government is an unnecessary middle man that wastes money.
McKinsey reported 68% of Obamacare insurance options only cover narrow or very narrow provider networks, double that of the previous year.
For cancer care, the majority of America’s best hospitals in the National Comprehensive Cancer Network are not covered in most of their states’ exchange plans.
Obamacare has forced Americans onto a far more government-dominated health care pathway than in the past, along with the aging population. We are heading for universal healthcare and every one will receive bad healthcare. It is Medicaid for all.
By the end of the decade, a full 140 million Americans will have their health care access directly controlled by government insurance, according to the Centers for Medicare and Medicaid.
Medicare and Medicaid also reimburse at very low rates. More and more doctors will abandon them as well.
The middle class and the poor are the ones most hurt by Obamacare.