Saturday, 20 October, 2018

Health insurer Aetna backs off ACA expansion plans

Preston Stone | 06 August, 2016, 00:24

(MOH) for a total estimated $117 million in cash for both transactions, based on the estimated number of members in the plans involved in the transactions.

Aetna requested that its proceeding go forward this fall, before the December 31 deadline for the completion of its $33 billion merger with Humana.

The Pennsylvania Attorney General's Office is part of the lawsuit against the Aetna-Humana deal, which lists Lancaster among 350 counties nationwide where Medicare Advantage enrollees would be particularly impacted.

"We believe that these divestitures taken together would address the Department of Justice's perceived competitive concerns regarding Medicare Advantage", Aetna CEO Mark T. Bertolini and Humana CEO Bruce Broussard said in a joint statement. The U.S. Justice Department already has sued to block the deal on antitrust grounds.

The company's announcement follows its failed merger with Humana, when the Department of Justice blocked the deal, along with Anthem's purchase of Cigna.

Aetna is reconsidering its participation in Obamacare, making it the latest large insurer to cast doubts on the future of the individual exchanges.

Now, its losing money on Obamacare and Aetna said it is setting up a reserve of $65 million to account for expected losses on individual plans for the rest of the year in the exchanges for the affordable care act.

In an unexpected move, health insurer Aetna is halting plans for ObamaCare expansion and is evaluating whether to continue participating in ObamaCare at all.

Aetna joins a growing list of health insurance companies that are struggling to make money from the new law.

Humana reaffirmed its 2016 guidance for adjusted earnings of at least $9.25 a share.

Excluding special items, Aetna earned $2.21 per share, exceeding the analysts' average estimate of $2.12, according to Thomson Reuters I/B/E/S.

Revenue rose 2 percent to $14.01 billion.

Asked about the timing of Aetna's Obamacare re-evaluation, Bertolini said people seeking care through the exchange products need coverage, but the company also has an obligation to its 23 million other customers who need to have a solvent insurer.

Not all insurers are retrenching- Cigna Corp., though it said it expected a loss this year on its exchange business, still plans to expand into a few new markets.

Some 11.1 million people are enrolled in Obamacare this year, according to the latest federal statistics.

Humana Inc. reported better-than-anticipated earnings and a surprise rise in revenue in the most recent quarter as a key measure of the company's medical costs fell. But Aetna says the business lost roughly $200 million in the second quarter and expects a loss of more than $300 million for the full year. Bertolini told analysts Tuesday that a federal risk adjustment program created to assist insurers that take on high-cost patients hasn't help Despite the losses and concerns voiced by insurers, federal regulators remain hopeful about the public exchanges. He said consumers can easily sign up for health coverage when they're sick, and then jump off after health services are paid for.

Recommended

loading...
  • Hillary Clinton a founder of ISIS, says Donald Trump

    Hillary Clinton a founder of ISIS, says Donald Trump

    As the infighting continued, Trump and his allies lashed out at the Democratic presidential nominee's foreign policy record. Utica Area Republican Congress Member Richard Hanna made public his decision Tuesday to vote for Democrat Hillary Clinton.

    Turkey issues warrant for preacher Gulen after coup

    While governments have denounced the coup attempt, they have also expressed concerns about the scope of the ensuing crackdown. Three Turkish parliamentary delegations have been despatched to London, Brussels and Washington to put the government's case.

    Clinton promises 'clear-eyed' vision for US

    She touched on the professional points in her life that connect with who she is now, and why she got into public service. She received a further assist from her daughter, Chelsea Clinton, who introduced her mother.
  • JoJo Fletcher & Jordan Rodgers Know Who The Next Bachelor Should Be

    JoJo Fletcher & Jordan Rodgers Know Who The Next Bachelor Should Be

    There have been reports that Fletcher and Rodgers were simply pretending that they are a couple for the sake of publicity. He added that he would love to see James Taylor or Wells Adams "get a shot at finding that special person as well".
    Republican leaders condemn Trump over Khan controversy

    Republican leaders condemn Trump over Khan controversy

    He criticized her and joked that maybe he would run for governor of New Mexico. "I work very, very hard", he said . Khan: thank you for immigrating to America", McCain added in his statement Monday.
    Martin Truex Jr. wins NASCAR pole at Pocono Raceway

    Martin Truex Jr. wins NASCAR pole at Pocono Raceway

    In his role as a television commentator, Gordon said he has seen lots of loop data that shows Kyle Busch regularly at the top. Monday's forecast calls for scattered thunderstorms in the morning, then cloudy in the afternoon with thunderstorms likely.
  • Samba, baby! Rio to open Summer Olympic Games

    Samba, baby! Rio to open Summer Olympic Games

    However, Azerbaijan is well-known for its efforts in the Greco-Roman wrestling event and has won medals at every Games since 1996. The Olympic medal count is a fun way to get excited about the games and stay into them through the two-plus weeks.

    Third case of Zika virus confirmed in Snohomish County

    While the illness typically resolves within a week, some severe cases may require hospitalization. Some 80 percent of those infected with Zika had symptoms.

    Brewers trade Lucroy to Indians

    The Tigers system has been worn thin over the years as they've continually dipped into the system to acquire major league talent. All this comes after the Indians added All-Star reliever Andrew Miller from the New York Yankees in a separate deal.
  • Russian doping whistleblower Yuliya Stepanova won't appeal her Rio 2016 ban

    The International Olympic Committee was to announce its final figure for the Russian squad later on Thursday. Among 31 swimmers accepted are Vladimir Morozov and Nikita Lobintsev , who were initially banned.
    Obama: Trump

    Obama: Trump "unfit" to serve

    Even Trump's longtime ally, New Jersey Governor Chris Christie, said on Tuesday it was inappropriate to criticize the Khan family. For me, it is not enough to simply denounce his comments: "He is unfit to serve our party and can not lead this country".
    Telltale's Batman Won't Go Mobile Until September 13

    Telltale's Batman Won't Go Mobile Until September 13

    During a fight within the first five minutes, I was throwing punches, using batarangs, and zip-lining all over the shop. Well if you've played any Telltale game over the last several years, you've pretty much played this one.

IOC: Rio Games preparation chaos hopefully a one-off event IOC: Rio Games preparation chaos hopefully a one-off event If Meirelles uses the ceremony to showcase his city's heartbeat, we could be in for one heck of a carnival. But as we see time and again, the Olympics are not an escape from the world but a reflection of it.

Jeremy Corbyn to speak at rally in Brighton Mr Watson said: "The anti-democratic manoeuvres, the lies and the distortions surrounding Corbyn are an absolute disgrace". Leader of Reading Borough Council Jo Lovelock and her deputy Tony Page head the list of Owen Smith supporters.

Paul Ryan reaffirms support for Trump, critiques campaign Trump, who secured the Republican presidential nomination during his party's convention two weeks ago, remained defiant Tuesday. Pence added that he and Trump "have different styles", which shouldn't be "confused with differences in conviction".

Trump Attempts to Clarify Comments on Russian Forces in Ukraine While the Republican nominee sorts out his response, Trump might also want to explain what it is about Putin he admirers . Wouldn't that be great?", Trump yesterday said at an election rally in Ashburn, Virginia, a suburb of Washington DC.

Instagram introduces Snapchat-like feature called 'Stories' Instagram introduces Snapchat-like feature called 'Stories' Instagram Stories introduces a new bar on top of your feed where you'll find the profile pictures of people who you are following. Just like Snapchat Stories, Instagram Stories enable users to post photo and video slideshows that will disappear after 24 hours.

Turkey raids scientific council in latest post-coup crackdown Turkey raids scientific council in latest post-coup crackdown Turkey has demanded his extradition, but Washington has asked for evidence of the cleric's involvement. There was no immediate Turkish reaction to the decision by the Swedish migration agency.

Clinton widens lead over Trump Clinton widens lead over Trump Calling the GOP nominee "profoundly offensive and narcissistic", "a world-class panderer", and "anything but a leader", Rep. Trump spent the days after winning the Republican nomination criticizing a USA district court judge's Mexican heritage.

All Russia's Weightlifters Banned From Olympics A final figure is expected this weekend with the boxing, golf, gymnastic, taekwondo federations still to confirm their verdicts. The Olympic and Paralympic Games Rio 2016 will be held in Brazil from August 5 to 21 and September 7 to 18, respectively.

Storms interrupt PGA Championship at Baltusrol Former PGA champion Padraig Harrington also shot a 65 and was at 206, with Russell Knox at 207 after a 67. Officials were hopeful that with no further weather delays, the tournament could be completed on time.

Hillary Clinton makes history with presidential nomination Hillary Clinton makes history with presidential nomination It seemed to especially hit home when used as criticism of the Republican Party and its presidential nominee, Donald Trump. Harp recalled how Fudge came to New Haven prior to the CT primary to get out the vote for the Clinton campaign.

Bill Clinton's emotional ode to his wife after her historic nomination Bill Clinton's emotional ode to his wife after her historic nomination Several designers including Diane von Furstenberg have voiced their support of Clinton in recent months. What Bill Clinton did tonight at the Democratic National Convention was go back...

Bill Clinton caught napping during Hillary's historic nomination speech Bill Clinton caught napping during Hillary's historic nomination speech But it is a strong sign that there are plenty within the Democratic Party who are unhappy with Clinton as the nominee. Farner had just made a rubbing of the name of his cousin, Calvin Wilson, who was killed in action in February 1967.

Comments about Russia, Clinton emails were sarcastic The National Security Agency has long spied on private citizens using intrusive methods previously unbeknownst to the public. The Republican presidential nominee offers troubling idea on espionage and Russian Federation .

Athletes in Rio Olympics' refugee team luckier than many Athletes in Rio Olympics' refugee team luckier than many And when the Olympic torch relay reached the metropolis of Rio de Janeiro , it found its path disrupted by striking teachers. Some scientists now predict that during the entire Olympic period, perhaps two dozen people will be infected, maximum.

Promoting national unity, Hillary Clinton also seeks to build trust There were a number of remarkable political speakers at the Democratic National Convention, and a lot of them were civilians. Clinton said that America has to bridge the divides in this country in regards to guns, race and religion.