{"id":13998,"date":"2014-01-24T14:58:24","date_gmt":"2014-01-24T19:58:24","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=13998"},"modified":"2020-10-12T15:50:27","modified_gmt":"2020-10-12T19:50:27","slug":"insurance-companies-going-bankrupt","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=13998","title":{"rendered":"Insurance companies going bankrupt?"},"content":{"rendered":"

Good day all. There are stories now starting to appear about the financial stability of the insurance companies that backed Obamacare. These companies were salivating at people being forced to buy health insurance. They say an endless stream of profits coning into their bank accounts.<\/p>\n

<\/p>\n

Unfortunately for the insurance companies, that isn\u2019t turning out to be the case. What appears to be happening is the exact opposite and the Obama regime is getting worried. Here are some of the juicy details from Fox News<\/a>:<\/p>\n

While the administration publicly expresses full confidence in its health care law, privately it fears one part of the system is so flawed it could bankrupt insurance companies and cripple ObamaCare itself. “Week after week, month after month,” says John Goodman of the National Center for Policy Analysis, “the Obama administration kept telling us everything’s working fine, there’s no problem and then they turn on a dime and fire their contractor.”<\/p><\/blockquote>\n

Somehow, just saying \u201cI told you so\u201d just isn\u2019t very satisfying. I think this would be a more appropriate response.<\/p>\n

\"nelson2\"<\/a><\/p>\n

Just how bad is it?<\/p>\n

To justify a no-bid contract with Accenture after firing CGI as the lead contractor, the administration released documents from the Department of Health and Human Services and the Center for Medicare and Medicaid Services that offered a rare glimpse of its worst fears, saying the problems with the website puts “the entire health insurance industry at risk” … “potentially leading to their default and disrupting continued services and coverage to consumers.”<\/p>\n

Then it went even further, saying if the problems were not fixed by mid-March, “they will result in financial harm to the government.” It even added that without the fixes “the entire health care reform program is jeopardized.”<\/p><\/blockquote>\n

Gee, didn\u2019t people say that this could happen? Of course they did. And the SCoaMF\u2019s running this disaster refused to listen to anyone. Typical Progressive Liberal Moonbats. Now that the proverbial chickens are coming home to roost, the lies, denials and blaming others has started.<\/p>\n

In spite of the “urgent” need officials cited to keep the system from collapsing, the White House spokesman said he knew nothing about it.<\/p>\n

\u201cI didn’t see the article I’m not aware of those statements,\u201d Jay Carney said.<\/p><\/blockquote>\n

And if you believe that these idiots didn\u2019t know what was happening, I have some nice swampland to sell you in the Sahara Desert. To really throw gasoline on the fire, Moody\u2019s Investor Service is downgrading the Insurance companies. According to the Washington Examiner<\/a>:<\/p>\n

Credit ratings firm Moody’s Investors Service on Thursday lowered its outlook for health insurers to “negative” from “stable,” citing “uncertainty” swirling around the rollout of President Obama’s health care law. In a new report, the agency said that the outlook for insurance companies is no longer clear because the law’s insurance exchanges haven’t been attracting enough younger individuals. In addition, Moody’s analysts were concerned that the Obama administration<\/a> has been changing regulations after insurers had already set prices for the year.<\/p>\n

“While we’ve had industry risks from regulatory changes on our radar for a while, the ongoing unstable and evolving environment is a key factor for our outlook change,” Stephen Zaharuk, author of the report, said in a statement. “The past few months have seen new regulations and announcements that impose operational changes well after product and pricing decisions were finalized.”<\/p><\/blockquote>\n

The problem is Obama. Since he keeps changing the rules, in complete violation of the law, the insurance companies can\u2019t predict their costs. If they can\u2019t generate an accurate assessment of what their costs are going to be, they are going to be very conservative. This means massive rate hikes at best.<\/p>\n

Mark Bertolini, the CEO of Aetna was interviewed recently by CNBC\u00a0<\/a> about what could happen.<\/p>\n

Aetna CEO Mark Bertolini told CNBC on Wednesday that Obamacare has failed to attract the uninsured, and he offered a scenario in which the insurance company could be forced to pull out of program. The company will be submitting Obamacare rates for 2015 on May 15.<\/p>\n

“Are they going to be double-digit [increases] or are we going to get beat up because they’re double-digit or are we just going to have to pull out of the program?” Bertolini asked in a “Squawk Box<\/a>” interview from the World Economic Forum in Davos, Switzerland. “Those questions can’t be answered until we see the population we have today. And we really don’t have a good view on that.”<\/p><\/blockquote>\n

Of course you don\u2019t have a good idea. Der Fubar has decreed that no information that makes him or his legacy look bad shall be released. The problem is, that data is required by the insurance companies so they can determine how big the risk pool actually is. Right now all we\u2019re getting from Il Douche and his minions are lies and denials.<\/p>\n

He said that so far, Obamacare has just shifted people who were insured in the individual market to the public exchanges where they could get a better deal on a subsidy for coverage. “We see only 11 percent of the population is actually people that were firmly uninsured that are now insured. So [it] didn’t really eat into the uninsured population.”<\/p><\/blockquote>\n

Well, I see someone has been into the medical marijuana. First, the system that determines what the subsidy is, if any, doesn\u2019t exist. Second, the people signing up for the most part or those who had health insurance, plans that provided what they wanted, and who lost them thanks to Obama and the very sick. The crap that they are being forced into is horrendous and in some cases, potentially lethal to people.<\/p>\n

For Obamacare to work better, it needs more flexibility and choice of insurance programs, Bertolini said. “We need to make it a lot more simpler for people. There needs to be more choice. When you get more choice, you make it more of a market and you get more people in the program.”<\/p><\/blockquote>\n

\"stupid_meter\"<\/a><\/p>\n

The word for this statement is \u201cDUUUH!\u201d It\u2019s also dead opposite of what is actually occuring.<\/p>\n

By 2020, Bertolini said he sees 75 million people buying health-care insurance from exchanges. “Some portion of that will be public exchanges\u2014probably 20 million to 25 million will be public exchanges\u2014the rest will be private exchanges.<\/p><\/blockquote>\n

Take another toke there Mark and have a Twinkie. The state exchanges are a complete failure and the Federal site is so bad and insecure that it will need to be completely rebuilt. Add to this all the people who want Obamacare repealed, and I think it\u2019s a safe bet those exchanges will be gone by 2020. That or your company will be gone as in nationalized under the ultimate plan of the Progressive Liberal Democrats to institute a single payer, government system.<\/p>\n

With Moody\u2019s downgrade, I think you and the other morons<\/i><\/span> CEO\u2019s who backed this fiasco might be more concerned about the shareholders inviting you to spend more time with your family. Obamacare is a failure. It was rammed down the throats of the American people, the Supreme Court then said it was just fine to tax people for NOT doing something and now that people have been kicked off their plans with more to be bounced this year? There is a possibility that tar, feathers and rope might be coming back into vogue.<\/p>\n

\"times_up_flag_z\"<\/a><\/p>\n

When the Progressive Liberal Democrats enlisted you and the other CEO\u2019s to push this through, you never thought about what would happen if it failed. Well, now you are beginning to find out. You were greedy and now you might just be forced out of business. What you pinheads should have been doing is pushing for less regulation AND allowing you to sell across state lines. As ye Sow, So Shall Ye Reap and you are going to reap big time you schmuck.<\/p>\n

\"give-a-damn\"<\/a><\/p>\n

Thatisall<\/p>\n

~The Angry Webmaster~<\/b><\/i><\/p>\n\"1\"2\"3\"4\"5 (1<\/strong> votes, average: 1.00<\/strong> out of 5)
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third largest insurance company may abandon obamacare over …<\/h3>\n<\/div>\n
Currently these are estimated at 11%. Aetna CEO Mark Bertolini told CNBC on Wednesday that Obamacare has failed to attract the uninsured, and he offered a scenario in which the insurance company could be forced to pull out of program.<\/div>\n
http:\/\/deadcitizensrightssociety.wordpress.com\/ \u2014 Fri, 24 Jan 2014 09:19:13 -0800<\/span><\/div>\n<\/div>\n
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ACA 2014 and Employers: Reading the Tea Leaves\u2014Part III …<\/h3>\n<\/div>\n
Significantly, Target EVP of Human Resources Jodee Kozlak cited the availability of Affordable Care Act health insurance exchanges as a\u2026 … Mark Bertolini, CEO of health insurance company Aetna, must also be reading the tea leaves.<\/div>\n
http:\/\/humanresourceslegislation.wordpress.com\/ \u2014 Fri, 24 Jan 2014 08:58:37 -0800<\/span><\/div>\n<\/div>\n
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The Scottcarp Dream: Sooo, the NY Times is worried that pictures of …<\/a><\/h3>\n<\/div>\n
Aetna CEO Says Obamacare \u201cdidn’t really eat into the uninsured population,\u201d Company May Be Forced Out of Program (Video) – Aetna CEO Mark Bertolini says Obamacare failed to attract the uninsured and could result in either double digit …<\/div>\n
http:\/\/thescottcarpdream.blogspot.com\/<\/a> \u2014 Fri, 24 Jan 2014 08:29:00 -0800<\/span><\/div>\n<\/div>\n
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CNBC Reports: Aetna CEO Says Could Be Forced Out of Obamacare<\/h3>\n<\/div>\n
There was an interesting interview with Mark Bertolini, the CEO of Aetna, on CNBC on Wednesday morning. During the interview, Mr. Bertolini said that a very important date is May 1, 2014. That is the date that insurance companies must …<\/div>\n
http:\/\/www.compassphs.com\/blog\/ \u2014 Fri, 24 Jan 2014 08:26:31 -0800<\/span><\/div>\n<\/div>\n
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Moody’s Downgrades Outlook For Health Insurers | Health World …<\/h3>\n<\/div>\n
Meanwhile, Aetna CEO Mark Bertolini predicted that companies would soon spend billions on consumer advertising. … Obamacare’s rocky rollout is creating uncertainty for the insurance industry and rating agencies are taking note. … Failing physicians were red. The scorecards, according to one whistle-blower lawsuit, were just one of the many ways that Health Management Associates, a for-profit hospital chain based in Naples, Fla., kept tabs on an internal strategy that regulators …<\/div>\n
http:\/\/www.cel.net.cn\/ \u2014 Fri, 24 Jan 2014 07:32:47 -0800<\/span><\/div>\n<\/div>\n
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First Edition: January 24, 2014 | Health World Online<\/h3>\n<\/div>\n
A federal district judge declared Thursday that the State of Missouri was illegally obstructing the activities of insurance counselors appointed by the federal government to inform consumers of their options under the Affordable Care Act … Aetna Inc. Chief Executive Mark Bertolini on Friday said that the evolution of the U.S. health-insurance market will soon push insurers to spend billions more on marketing to consumers. … Failing physicians were red (Creswell and Abelson, 1\/23).<\/div>\n
http:\/\/www.cel.net.cn\/ \u2014 Fri, 24 Jan 2014 07:32:44 -0800<\/span><\/div>\n<\/div>\n
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Kaiser Daily Health Policy Report – January 24, 2014<\/h3>\n<\/div>\n
Aetna Inc. Chief Executive Mark Bertolini on Friday said that the evolution of the U.S. health-insurance market will soon push insurers to spend billions more on marketing to consumers. … won’t struggle to meet the 85% medical-loss ratio imposed on the private Medicare plans starting in 2014 under the Patient Protection and Affordable Care Act. If plans fail to spend enough money on medical costs, they’ll be required to refund excess revenue to the federal government (Demko, 1\/23).<\/div>\n
http:\/\/boston-massachusetts.us\/ \u2014 Fri, 24 Jan 2014 07:11:04 -0800<\/span><\/div>\n<\/div>\n
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The Last Embassy: Aetna CEO: ACA Is Not Attracting Previously …<\/a><\/h3>\n<\/div>\n
‘Aetna CEO Mark Bertolini told CNBC on Wednesday that Obamacare has failed to attract the uninsured, and he offered a scenario in which the insurance company could be forced to pull out of program. The company will be submitting …<\/div>\n
http:\/\/thelastembassy.blogspot.com\/<\/a> \u2014 Fri, 24 Jan 2014 02:44:00 -0800<\/span><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Good day all. There are stories now starting to appear about the financial stability of the insurance companies that backed Obamacare. These companies were salivating at people being forced to buy health insurance. They say an endless stream of profits coning into their bank accounts. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":14000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[176,135,157,8,115],"tags":[200,13,15,191,34],"class_list":["post-13998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-just-desserts","category-obamacare","category-politics","category-stupidity-crime","tag-cronyism","tag-healthcare","tag-incompetence","tag-obama404care","tag-stupidity"],"views":1469,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2014\/01\/nelson2.gif?fit=300%2C217&ssl=1","jetpack-related-posts":[{"id":10746,"url":"https:\/\/angry.net\/blog2\/?p=10746","url_meta":{"origin":13998,"position":0},"title":"About those Obamacare savings Part 2","author":"Angry Webmaster","date":"February 1, 2013","format":false,"excerpt":"Well well well, the other shoe has just crashed to earth on the costs to people of Obamacare. As I mentioned in December, insurance companies are already looking to hike insurance rates. Now, we are seeing what the cheapest level that the Internal Revenue Service will accept, will cost people.","rel":"","context":"In "liberty"","block_context":{"text":"liberty","link":"https:\/\/angry.net\/blog2\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n.jpg?fit=634%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n.jpg?fit=634%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n.jpg?fit=634%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":19472,"url":"https:\/\/angry.net\/blog2\/?p=19472","url_meta":{"origin":13998,"position":1},"title":"Obamacare co-ops dropping like flies","author":"Angry Webmaster","date":"November 6, 2015","format":false,"excerpt":"Good day all. Over the last few weeks, we've been seeing all the Obamacare state co-ops going bankrupt and shutting down, tossing all their subscribers back into the search for mandatory health insurance. Obama, as he tends to do, either ignores this or outright lies about it. However, congress is\u2026","rel":"","context":"In "medicine"","block_context":{"text":"medicine","link":"https:\/\/angry.net\/blog2\/?cat=7"},"img":{"alt_text":"Obamacare, Shovel Ready","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n-300x283.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":24206,"url":"https:\/\/angry.net\/blog2\/?p=24206","url_meta":{"origin":13998,"position":2},"title":"Aetna pulling out of Obamacare","author":"Angry Webmaster","date":"May 22, 2017","format":false,"excerpt":"Good day all. Coming on the heels of Obamacare architect Jonathan Gruber\u2019s remarks blaming the collapse of Obamacare on President Trump, Aetna has announced they will be pulling out of the Obamacare exchanges by 2018.","rel":"","context":"In "medicine"","block_context":{"text":"medicine","link":"https:\/\/angry.net\/blog2\/?cat=7"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n-300x283.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11343,"url":"https:\/\/angry.net\/blog2\/?p=11343","url_meta":{"origin":13998,"position":3},"title":"Obamacare premiums due to massively increase","author":"Angry Webmaster","date":"March 27, 2013","format":false,"excerpt":"Good day all. The news about Obamacare is just getting better and better. Now it\u2019s coming out that premiums are going to skyrocket.","rel":"","context":"In "medicine"","block_context":{"text":"medicine","link":"https:\/\/angry.net\/blog2\/?cat=7"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n.jpg?fit=634%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n.jpg?fit=634%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n.jpg?fit=634%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":17371,"url":"https:\/\/angry.net\/blog2\/?p=17371","url_meta":{"origin":13998,"position":4},"title":"Obamacare and new babies…No insurance for you!","author":"Angry Webmaster","date":"March 3, 2015","format":false,"excerpt":"Good day all. Have you just had a new baby? Congratulations! Now try getting your new son or daughter onto your health insurance plan.","rel":"","context":"In "News of the Day"","block_context":{"text":"News of the Day","link":"https:\/\/angry.net\/blog2\/?cat=71"},"img":{"alt_text":"Obamacare, Shovel Ready","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n-300x283.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":22018,"url":"https:\/\/angry.net\/blog2\/?p=22018","url_meta":{"origin":13998,"position":5},"title":"Obamacare cratering has commenced","author":"Angry Webmaster","date":"August 17, 2016","format":false,"excerpt":"Good day all. The headline is pretty much a standing one, in that every time I write about the disaster that is Obamacare, things are getting worse for it. If you\u2019ve been following the news, you know that insurance companies are bailing on the Obamacare exchanges big time.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/angry.net\/blog2\/?cat=176"},"img":{"alt_text":"Obamacare, Shovel Ready","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/12\/600026_560399050642360_1124628221_n-300x283.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/13998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13998"}],"version-history":[{"count":18,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/13998\/revisions"}],"predecessor-version":[{"id":31958,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/posts\/13998\/revisions\/31958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=\/wp\/v2\/media\/14000"}],"wp:attachment":[{"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/angry.net\/blog2\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}