Even after the disastrous rollout of the healthcare.gov web site a year ago, health insurance companies and providers of medical care are reporting more promising profits as third quarter earnings emerge.
Although the next enrollment period for uninsured Americans seeking coverage from government-run exchanges under the Affordable Care Act doesn’t begin until next month, individuals are still signing up for the expanded Medicaid insurance for poor Americans under the health law in droves. Unlike the open enrollment window for private coverage purchased on exchanges, eligible individuals and families can sign up for Medicaid year round.
The influx of newly insured Americans, particularly as more state and local governments seek private insurers to administer Medicaid benefits has become the October surprise of health insurance profits.
Take UnitedHealth Group, which is seen as a barometer for the entire health insurance industry given its size and because the company last week was the first major health plan to report its third-quarter results.