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Health insurance company on the verge of crippling Obamacare profits handsomely from the government

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On Monday, the Obama administration announced that premiums on the Affordable Care Act (ACA) marketplace insurance plans are expected to jump by double digit percentages in 2017. But that’s not the end of the bad news for people hoping to buy insurance through the ACA: many markets will be monopolized by a single insurer, hardly a competitive environment that’ll benefit consumers.

As the Associated Press reported, 1 in 5 customers will be forced to rely on just one insurance company for their coverage.

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The announcement confirmed fears about the future of the ACA, particularly after several major insurance companies pulled out of many of the marketplaces earlier this year.

Chief among them was AETNA, whose CEO said yesterday that the ACA wasn’t working because young people preferred buying beer to buying health insurance. “As the rates rise, the healthier people pull out because the out-of-pocket costs aren’t worth it,” CEO Mark Bertolini said. “Young people can do the math. Gas for the car, beer on Fridays and Saturdays, health insurance.”

As Fortune reports, the company is profiting handsomely from another segment of the ACA. “Revenue jumped 6% to $15.8 billion thanks to plans it sells via contracts with state Medicaid insurance programs and the federal Medicare insurance for the elderly.”

The health care companies’ windfall is due in large part to Medicaid expansion under the ACA.

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“Solid performance among our core businesses and a focus on managing general and administrative expenses have once again offset pressure from our ACA-compliant products, resulting in a strong third quarter for the company and our shareholders,” said Aetna executive vice president and chief financial officer Shawn M. Guertin.

As long as the share-holders are happy.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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NYPD finally fires cop who killed Eric Garner

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The New York Police Department announced on Monday that it was firing Daniel Pantaleo, the police officer who killed Eric Garner by placing him in a choke hold in 2014.

James O'Neill, the Commissioner of the New York City Police Department, made the announcement of Pantaleo's firing during a Monday afternoon press conference in which he recounted the actions taken by the former NYPD officer five years ago.

Although O'Neill did not believe that Pantaleo intended to grievously harm Garner while he was resisting arrest, he said that there was no reason for the officer to continue keeping Garner in a choke hold while he was on the ground and complaining that he was having difficulty breathing.

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Trump tweets out bonkers conspiracy theory that Google ‘manipulated’ up to 16 million votes for Hillary Clinton

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President Donald Trump on Monday tweeted out a bonkers conspiracy theory claiming that Google "manipulated" up to 16 million votes on behalf of former Democratic rival during the 2016 presidential election.

"Wow, Report Just Out!" the president wrote. "Google manipulated from 2.6 million to 16 million votes for Hillary Clinton in 2016 Election! This was put out by a Clinton supporter, not a Trump Supporter! Google should be sued. My victory was even bigger than thought!"

Wow, Report Just Out! Google manipulated from 2.6 million to 16 million votes for Hillary Clinton in 2016 Election! This was put out by a Clinton supporter, not a Trump Supporter! Google should be sued. My victory was even bigger than thought! @JudicialWatch

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Trump’s economic adviser doesn’t see a recession coming — but he said the same thing in 2008

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President Donald Trump's chief economic adviser insists there are no signs of a recession on the horizon -- but he's been staggeringly wrong before.

Larry Kudlow went on NBC's "Meet the Press" over the weekend to assure viewers that no economic downturn was coming, but the Washington Post's Aaron Blake pointed out that his track record for predictions was pitiful.

“Well, I’ll tell you what: I sure don’t see a recession,” Kudlow told host Chuck Todd. “So I think actually the second half, the economy’s going to be very good in 2019.”

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