ObozoCare
Posted: Tue Aug 16, 2016 6:09 pm
Insurance Giants Cancel ObamaCare Expansion Plans as Premiums Skyrocket
Insurance giant Aetna is the latest provider to announce staggering losses on ObamaCare plans — some $300 million last year, in just 15 states.
Soaring costs prompted Aetna to cancel its plans to expand into more states, and the company is “undertaking a complete valuation of future participation in our current 15-state footprint,” as CEO Mark Bertolini put it.
Fox Business quotes Bertolini tiptoeing around the unexpectedly high cost of providing insurance coverage to people who are already sick: “These people need these procedures and they need these drugs and they need to be covered. But when you couple that with a risk-adjustment mechanism for high-risk people, that really is limited by virtue of the legislation, it causes everyone in the system to lose money.”
Blue Shield Of California: Furlough over Obamacare Losses
Blue Shield of California (BSC) will be shutting down for four days following Labor Day weekend as a way to stop the financial bleeding resulting from losses in “Covered California,” the state’s Obamacare exchange program.
The change will “affect most of [BSC’s] 6,000 employees in California,” the San Francisco Business Times reports, although the “exact number of workers involved hasn’t yet been tabulated.” But BSC hopes that the move could save “an estimated $4 million.”
And BSC is not alone. Shivinsky indicated that “health plans nationally are facing challenges in the individual market and on the Obamacare exchanges, and some have said they plan to … cut back their participation” or exit altogether. “UnitedHealth Group said last month it planned to exit most Obamacare markets. Aetna said it’s reconsidering its presence in individual Affordable Care Act markets in 15 states, and Humana is pulling back as well.”
But BSC is not taking such steps at this point. Rather, it is raising rates as a way to bring in more funding to cover growing expenses. BSC is also looking at job cuts as a way to save money and remain solvent.
Obamacare was originally sold to the public as a way to cover the uninsured while cutting insurance premiums for other consumers. Instead, it has left millions uninsured, while millions more have lost their individual policies, and many others have seen their premium costs rise. Insurance companies are saddled with the costs, since sicker patients are enrolling in the program rather than the younger patients who were expected to subsidize the system.
Old Pudfark sez: " Obozo's assurance ain't insurance... "
Insurance giant Aetna is the latest provider to announce staggering losses on ObamaCare plans — some $300 million last year, in just 15 states.
Soaring costs prompted Aetna to cancel its plans to expand into more states, and the company is “undertaking a complete valuation of future participation in our current 15-state footprint,” as CEO Mark Bertolini put it.
Fox Business quotes Bertolini tiptoeing around the unexpectedly high cost of providing insurance coverage to people who are already sick: “These people need these procedures and they need these drugs and they need to be covered. But when you couple that with a risk-adjustment mechanism for high-risk people, that really is limited by virtue of the legislation, it causes everyone in the system to lose money.”
Blue Shield Of California: Furlough over Obamacare Losses
Blue Shield of California (BSC) will be shutting down for four days following Labor Day weekend as a way to stop the financial bleeding resulting from losses in “Covered California,” the state’s Obamacare exchange program.
The change will “affect most of [BSC’s] 6,000 employees in California,” the San Francisco Business Times reports, although the “exact number of workers involved hasn’t yet been tabulated.” But BSC hopes that the move could save “an estimated $4 million.”
And BSC is not alone. Shivinsky indicated that “health plans nationally are facing challenges in the individual market and on the Obamacare exchanges, and some have said they plan to … cut back their participation” or exit altogether. “UnitedHealth Group said last month it planned to exit most Obamacare markets. Aetna said it’s reconsidering its presence in individual Affordable Care Act markets in 15 states, and Humana is pulling back as well.”
But BSC is not taking such steps at this point. Rather, it is raising rates as a way to bring in more funding to cover growing expenses. BSC is also looking at job cuts as a way to save money and remain solvent.
Obamacare was originally sold to the public as a way to cover the uninsured while cutting insurance premiums for other consumers. Instead, it has left millions uninsured, while millions more have lost their individual policies, and many others have seen their premium costs rise. Insurance companies are saddled with the costs, since sicker patients are enrolling in the program rather than the younger patients who were expected to subsidize the system.
Old Pudfark sez: " Obozo's assurance ain't insurance... "
Good to know that's the cause of them losing several hundred million dollars last year.....