NEW YORK (Reuters) - UnitedHealth Group Inc Chief Executive Officer Steven Hemsley said on Tuesday that the company would exit the Obamacare exchange market in 2017, following through on a warning he had given late last year that costs appeared to be unsustainable.
Hemsley, in prepared remarks made as part of the company's first-quarter earnings report, said that after a state-by-state review, it had found that the smaller overall market size and shorter term, higher risk profile suggested it could not offer plans on a sustained basis. UnitedHealth sells these individual insurance plans, created as part of President Barack Obama's national healthcare law, in 34 states this year. United is the largest healthcare servicer.
12 of the 23 Insurance co-ops have already failed and 8 out of the existing 11 are about to fail this year. Here we come single (gov't) payer!!
WE TOLD YOU SO!!!!!!!!!