UnitedHealth Group, the nation's largest insurer, is reconsidering its participation in the Obamacare exchanges after reporting near billion losses.
According to figures published at Fortune, UnitedHealth will lose $100 million dollars more than it projected in its financial forecasts for the 2016 Affordable Care Act enrollment numbers. Previous estimates were in the $400 million range, now rising past $500 million.
What's worse, last year, the company reported $720 million in losses thanks to Obamacare and that number is expected to soar past $745 million in the next year.
“By mid-2016 we will determine to what extent, if any, we will continue to offer products in the exchange market in 2017,” said UnitedHealth President Dave Wichmann.
Wichmann said his company is slowing marketing efforts, withdrawing certain products, and also increasing prices in hopes to offset some of the lost revenue. But as is noted in Fortune's report, enrollment continues to rise despite these efforts,
Fortune also points out that UnitedHealth can boast $180 billion in total revenue currently, meaning the losses are just "a small fraction of UnitedHealth's total business." And currently, the company's stock prices are up, perhaps indicating that investors aren't too worried.
While this might not have as big an impact on a giant corporation, it is yet another example highlighting Obama's "like your doctor, keep your doctor" lie as health care providers continue to pass on losses to their customers.