Feckless insurance companies have sucked billions out of California under #Obamacare

Medicaid is rarely associated with getting rich. The patients are poor, the budgets tight and payments to doctors often paltry.

But some insurance companies are reaping spectacular profits off the taxpayer-funded program in California, even when the state finds that patient care is subpar.

Health Net, a unit of Centene Corp., the largest Medicaid insurer nationwide, raked in $1.1 billion in profit from 2014 to 2016, according to state data obtained by Kaiser Health News. Anthem, another industry giant, turned a profit of $549 million from California’s Medicaid program in the same period.

Overall, Medicaid insurers in the Golden State made $5.4 billion in profits from 2014 to 2016, in part because the state paid higher rates during the inaugural years of the nation’s Medicaid expansion under the Affordable Care Act, or Obamacare. Last year, they made more money than all Medicaid insurers combined in 34 other states with managed care plans.

Source: Insurers make billions off Medicaid in California during Obamacare expansion

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One comment

  1. Just curious.. If they are Sooooo profitable,,.. WHY then, are they fleeing the markets and dropping coverage in most states, including the Workers Paradise of Klay.. Barry Obama ILLEAGALLY diverted billions from the Treasury to the Insurance companies to keep them afloat in 2013 or Barry Care was going belly up.. Check the facts and don’t just post an opinion as news. !!!

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