Last week we received notice that United Healthcare is withdrawing from the Colorado Health Insurance Exchange effective 1/1/2017, and we will need to seek a new insurance carrier in 2017. Currently our monthly premium for coverage through United is $1,411.00 to cover my wife and I. We have not utilized any of the insurance this year, preferring to purchase our medications through Canadian pharmacies and cover routine costs out of pocket. This is what we would end up doing anyway given the deductibles set up in the plan. In essence to date United has charged us roughly $8,400 for catastrophic coverage, all of which has been pure profit. Apparently that is not enough for them, so they have left Colorado and other states, destabilizing the market for health insurance and the healthcare exchanges.
United will claim that the mandated coverage under Obamacare meant that they can’t make any money under current regulations, but their executive staff seems to be doing just fine. In 2014 their CEO took home $66 million dollars in compensation, and in 2010 he made roughly $110 million. They have also stated that they want to focus their business on more lucrative government contracts, as in the 20 billion military healthcare dollar contract to cover the Western U.S. they won in 2012.
But their actions beg questions that all of us should address. Our taxpayer dollars go to support the healthcare of our government employees and military families, as of course they should. But why should our taxpayer dollars support an insurance carrier with high administrative overhead who’s actions destabilize the healthcare system as a whole? In light of United Healthcare’s actions legislators at all government levels should begin a comprehensive review of their contracts to determine if it is in the best interests of taxpayers to have a provider eligible for government contracts when that provider so callously disregards the interests of the taxpayers who fund their lucrative executive compensation packages. It is simply a scam, and one they should be held accountable for.