Molina Healthcare has announced it is exiting the Obamacare exchanges in Utah and Wisconsin and has experienced a $230 million loss in the second quarter of 2017.
In the remaining Obamacare exchanges, the health insurer is planning to increase premiums by 55 percent next year, which will account for the loss of cost-sharing reduction subsidies. If the program was funded, premiums would only increase by 30 percent.
"We are disappointed with our bottom-line results for this quarter and have taken aggressive and urgent steps to substantially improve our financial performance going forward," said Joseph White, chief executive and financial officer of the company.
"Following a thorough review of our business operations, we have begun to implement a Company-wide restructuring plan that we expect will reduce annualized run-rate expenses by between $300 million and $400 million by late 2018 when fully implemented."
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
"ONLY increase by 30 percent with subsidies".......... uhhhh what?
ReplyDeleteObama " No Care " is dead !!!!!!
ReplyDeleteDemon-crats OWN IT !!!!
ReplyDeleteThe public should be demanding the Demon-crats to do a NEW
ReplyDeletehealth plan since they OWN Obama careless care which FAILED
Not expecting the Republicans to fix Demon-crats MESS !!!
NOT ONE Republican voted for Obama Careless care !!!!!!!
Blame the Right ones > Not everyone else America !!!!