UnitedHealthcare CEO says entering Obamacare a ‘bad decision’

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UnitedHealthcare CEO Stephen Hemsley this week during an investors’ meeting in New York said getting involved in the Obamacare marketplace was a mistake as it’s resulted in multi-million-dollar losses.

The Hill has the details:

“It was for us a bad decision,” UnitedHealthcare CEO Stephen Hemsley said at an investors’ meeting in New York, according to Bloomberg Business.

UnitedHealth, the country’s 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 industry.

Hemsley’s 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.

 

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