Centene to buy WellCare for $15B creating ACA powerhouse [View all]
Last edited Wed Mar 27, 2019, 10:50 AM - Edit history (1)
Source: Associated Press
By TOM MURPHY an hour ago
Centene is spending more than $15 billion on rival WellCare to dive deeper into government-funded health coverage in the same week that President Donald Trump’s administration renewed its attack on the Affordable Care Act.
The insurer said Wednesday that its cash-and-stock deal to buy WellCare will create an insurer that manages Medicaid coverage for more than 12 million people and covers several million more in the federal government’s Medicare program for people age 65 and older.
The deal comes after the administration attacked the ACA in court Monday, saying that former President Barack Obama’s health care law should be declared unconstitutional after Congress repealed one part of it — unpopular fines on people who remain uninsured. The 2010 Affordable Care Act expanded coverage to millions of people by creating individual insurance exchanges and increasing Medicaid enrollment in several states.
Centene Corp., based in St. Louis, has built its business around Medicaid, the state and federally funded program for people who are poor or disabled, and also has expanded aggressively on the exchanges.
Read more: https://apnews.com/f9b111d19e634b1b8ebe7916fb672764
Think about this for one minute this for profit insurer is going to buy another for profit insurer, to make a buck off Medicaid recipients from the federal tax payer system to manage Medicaid....................what the fuck is CMS doing with that lobbyist running that government agency......................making a buck off the taxpayers.
This "deal" really shows why health care costs are going up........................this is just outrageous, health care should not be to make "stock" go up for investors on the backs of people that are sick or disabled ...........................
= new reply since forum marked as read