Health Insurers On ‘Hot Streak’ Despite Worries Over Nasty Flu Season
One big reason for the Q1 windfall is the tax cuts passed by Congress last year, which in some cases more than halved what the insurers owe the government. Meanwhile, conservative groups are drawing up a new "repeal" plan, but Republicans aren't sold.
Bloomberg:
Health Insurers Had Their Best Quarter In Years, Despite The Flu
U.S. health insurers just posted their best financial results in years, shrugging off worries that the worst flu season in recent history would hurt profits. Aetna Inc., for instance, posted its widest profit margin since 2004. Centene Corp. had its most profitable quarter since 2008. And Cigna Corp., which reported on Thursday, had its biggest margin in about seven years. (Tracer, 5/3)
Modern Healthcare:
Cigna's Profit Spikes As Membership, Premiums Grow
Cigna Corp. posted higher profit and revenue in the first quarter of 2018 as it grew premiums and membership in its commercial employer business. The Bloomfield, Conn.-based health insurer recorded net income of $917 million in the three months ended March 31, up 54.6% over the same period a year ago. Cigna also reported total revenue of $11.4 billion, an increase of 8.6%, driven by both its healthcare and supplemental benefits segments. (Livingston, 5/3)
The Hill:
Conservative Groups Hope To Release New ObamaCare Replacement This Month
Conservative groups are hoping to release a new ObamaCare replacement plan later this month as they try to keep alive the repeal effort. The effort has been led by the Heritage Foundation, the Galen Institute and former Sen. Rick Santorum (R-Pa.), who have been meeting at Heritage’s offices, along with other groups, roughly once a week for months. (Sullivan, 5/3)
Politico Pro:
Hill Republicans Not Sold On Latest Repeal Push
The plan’s backers say they are laying out a strategy for this fall, when 2019 Obamacare insurance rates are expected to spike and trigger a political firestorm just before the midterm election. A new repeal effort could insulate the GOP from blame while possibly rekindling interest in gutting the health law. (Haberkorn, 5/3)
And in other marketplace news —
The New York Times:
Women With Breast Cancer Delay Care When Faced With High Deductibles
When Pam Leonard felt a lump in her breast last November, she hesitated, debating whether to get testing to see if she had cancer. She thought of her insurance policy, which carries a deductible of $2,600. She knew she would also have to spend as much as $5,700 on medical bills that would not be covered by an individual policy she bought under the Affordable Care Act. “I went back and forth for a couple of weeks,” Ms. Leonard recalled. “I had to do something,” she said. “It didn’t go away.” (Abelson, 5/4)
