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January 23, 2014

Moody's Downgrades US Insurers' Credit Rating Over... Obamacare

Their balance sheets are unpredictable, because Obama can change the law (and how much the government will have to bailout insurers, and how much they will be bailed out) per his whim.

From the Washington Times.

The private credit rating agency said potential fallout from the Affordable Care Act’s implementation — including changes to the individual market and the impact of the law’s “employer mandate” on commercial group plans in January 2015 — presents the greatest challenge to health insurers’ credit profile. Lower reimbursement rates among Medicare Advantage plans also are creating financial pressure, it said. “While all of these issues had been on our radar screen as we approached 2014, a new development and a key factor for the change in outlook is the unstable and evolving regulatory environment under which the sector is operating,” Moody's said. “Notably, new regulations and presidential announcements over the last several months with respect to the ACA have imposed operational changes well after product and pricing decisions had been finalized.”

AllahPundit jokes that it's time for the Treasury Secretary to make a threatening phone call to Moody's.

Except that's not a joke, is it?

Corrected: I had to correct the headline and the body of the story.

I would explain what the correction was, but it would be far too embarrassing.


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posted by Ace at 03:42 PM

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