One has to wonder if more stories like this are to come…but not really (emphasis added is mine):
UnitedHealth Group, the largest insurance company in the U.S., on Thursday slashed its earnings outlook, citing new problems related to Obamacare, and told investors it may exit the program’s exchanges….
The company said it expects “earnings pressure” of $425 million, which “is driven by projected losses on individual exchange-compliant products related to the 2015 and 2016 policy years….”
In a conference call with investors, Hemsley offered a sober assessment of the exchanges’ future viability. He said that claims data have been getting worse as time has gone on, and there’s no evidence pointing toward improvement.
Asked about whether the company could sustain losses past 2016, he was blunt: “No. We cannot sustain these losses. We can’t really subsidize a marketplace that doesn’t appear at the moment to be sustaining itself.”
Bloomberg reports the loss on Obamacare plans at $500 million.
Make no mistake about it, Obamacare was designed to fail. You don’t need to be a fancy economist to understand that. They want the market to become such a mess that people will be begging for universal healthcare, the liberal holy grail Democrats have been pursuing for decades now. Before the ink was dry on Barry’s signature many liberal commentators lamented/hoped that Obamacare would fail because it wasn’t single-payer.
The obvious question that presents itself here is if a company that has accountability to investors gets squeezed trying to conform to Obamacare how much worse will it be when unaccountable government bureaucrats are in charge and costs spiral out of control more than they are now?