Which Carriers Made Profits Under Obamacare?

[sam816]

California's 3 largest health insurers among few to show Obamacare profit in 2014

"Several factors helped California health plans outperform the nation, including strong early enrollment and a politically unpopular decision on policy cancellations.

Amid a national uproar, Covered California defied the Obama administration and required participating insurers to cancel existing individual policies at the end of 2013.

That move created a healthier, more diverse mix of old and new policyholders at the start of the exchange. About 35 other states allowed consumers to stay longer on health plans that didn't comply fully with the new law."

 

[somarco]

Nationwide, insurers reported just $362 million in total profit under a federal rate-stabilization program, while most insurers recorded big losses — a total of $2.87 billion.

Apparently not that many.

Seems that profit was due, at least in part, to the decision to tell policyholders if you like your plan get over it. You can't keep it.

Covered California defied the Obama administration and required participating insurers to cancel existing individual policies at the end of 2013.

 

[YouGotMyMoney]

One of the oompa loompa's defied Willy? I'd of though they'd be boiling in milk chocolate right now.

 

[russelltw]

My main carrier said they lost $122 million in 2014. Exec told me in August that if the second half of 2015 is like the first half, they would lose another $200 million...Not a good trend.

 

[pbbaseball]

I thought I read a lifehealthpro article saying Florida carriers were around 78% MLR on grandfathered business, but 125% on ACA...

I'm curious is the 2015 MLR info on healthcare.gov includes ACA. I assumed it did from looking at the lists. If so, BCBS SC appears to have done pretty well. But they don't have any zero premium silvers, which I think helps.

 

[YouGotMyMoney]

If so, BCBS SC appears to have done pretty well. But they don't have any zero premium silvers, which I think helps.

They also dont have brokers promoting it...

 

[houcoogster]

Insurance carrier CEO's made a helluva lot of profit!

 

[jbage007]

Carriers need to be able to adjust premiums midstream. Getting stuck with actuarial based on 18 month old assumptions that turn out to be woefully inadequate is not conducive to the goal of not losing money.

 

[somarco]

actuarial based on 18 month old assumptions

18 months is a stretch. Especially regarding "next" year's premiums. UHC is looking at 6 months or so with maybe 4 - 5 months mature claims.

HRH Obama won't allow carriers to make adjustments as needed.

 

[scagnt83]

They also dont have brokers promoting it...

BCBS doesnt have brokers promoting it?? Definitely not. They have the best network in the state and they still pay comp. No reason for brokers not to promote them. If I remember right they are still around 8%-10%ish on FYC for individual biz.

(full disclosure, I do not sell individual health, only group)