Anomaly CEO: UnitedHealth will likely grow again as Medicare Advantage is here to stay
Mike Desjadon, Anomaly CEO, joins 'The Exchange' to discuss Medicare Advantage, care denials, and much more.
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CBS News
20 hours ago
- CBS News
NYC Mayor Adams drops plans to change Medicare benefits for retired city employees
New York City Mayor Eric Adams says the city will no longer move forward with a Bill de Blasio-era plan he previously supported. The plan would've impacted about 250,000 retired municipal workers. Retirees had said the plan would've limited their access to higher cost providers. "We have heard concerns from retirees about these potential changes at numerous older adult town halls and public events, and our administration remains focused on ensuring that New York City remains an affordable place to live. Thankfully, we have found other ways to address health care costs while providing quality health care coverage for our city's workers, and we have decided not to move forward with the Medicare Advantage plan at this time," Adams said. "We have informed union leadership that we are pursuing other avenues for improving health care for city workers that will provide even better outcomes, and we look forward to continuing to work with our partners on the best path forward." Adams had previously said the switch would save taxpayers $600 million a year. The controversial move had prompted numerous rallies and demonstrations at City Hall. "While I am glad the retirees will keep their healthcare, we never should have reached this point. Mayor Adams should never have pursued the Medicare Advantage deal in the first place. The retirees have struggled with the fear and uncertainty that their healthcare could be taken away at any time. Workers who have served our city should always have had the guarantee of the health insurance they were promised," City Councilmember Keith Powers said.
Newsweek
a day ago
- Newsweek
New York Boomers Lose Medicare Battle
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. New York's highest court has rejected a legal challenge by retired city workers seeking to block a plan to move them from traditional Medicare - with city-funded supplemental coverage - to private Medicare Advantage plans. Newsweek has contacted the New York City Law Department for comment via email. Why It Matters New York City is required by law to provide health insurance coverage for retirees formerly employed by the city. The roots of the policy go back to 2021, when city officials and leaders of major public employee unions agreed to cut $600 million annually from the city's healthcare spending. The agreed-upon solution was to shift roughly 250,000 retirees and their dependents to a Medicare Advantage plan - an alternative to traditional Medicare that typically offers lower premiums. At the time, City Hall, then under the helm of former New York Mayor Bill De Blasio, argued in favour of the change because of the annual savings it would generate. The current Mayor Eric Adams has since embraced the idea. But critics have said the plan would mean more out-of-pocket costs for former New York government employees. What To Know In a unanimous decision issued Wednesday, June 18, Judge Shirley Troutman of the State of New York Court of Appeals said the retirees failed to provide adequate evidence that the shift would reduce their health benefits. The court also found no legally binding agreement ensuring the city would maintain their existing coverage. Stock image/file photo: Medicare enrollment form. Stock image/file photo: Medicare enrollment form. GETTY "If forced into a Medicare Advantage plan, retirees will lose access to many of the doctors they depend on for life-saving treatment and will routinely be denied coverage for medical care. That is because, unlike traditional Medicare (a publicly run program), private Medicare Advantage plans limit access to medical providers and medical care in order to maximize profits," the Organization of Public Service Retirees said in a statement following the decision. Medicare Advantage plans are private insurance options approved by Medicare. They replace traditional Medicare Parts A and B, covering hospital and outpatient care — except hospice. Most also include prescription drug coverage (Part D). Insurance companies offering these plans get a set payment from Medicare for each person enrolled. They also charge patients out-of-pocket costs and often require them to use doctors in their network or get referrals to see specialists. What People Are Saying The Council of the City of New York Common Sense Council said in a statement: "While we are extremely disappointed with the Court of Appeals decision today, it only strengthens our resolve to fight for our municipal retirees and ensure they are provided the supplemental Medicare insurance they were promised. We encourage our colleagues to join us in supporting Intro 1096, which would prevent this administration and any future administration from taking away this fundamental right and forcing retirees into a lesser health insurance plan." Marianne Pizzitola, president of the NYC Organization of Public Service Retirees, said in a press release: "On behalf of 250,000 retirees, we call on the City Council and the next mayor to prevent us from being forced into a privatized Medicare Advantage plan and to let us continue receiving the health insurance we were promised and desperately need: traditional Medicare plus a supplemental plan." Justin Brannan, New York City Council Finance Committee Chair and Democratic candidate for city comptroller, said on X: "The City of New York should never, ever be screwing over retirees – and neither should the courts. Nobody will ever want to work for New York City again. Zero trust. Medicare Advantage is a bait and switch scam & betrayal. Enough! City Hall clearly doesn't care about retirees." What Happens Next While the Court of Appeals dismissed the retirees' primary claims, it sent the case back to a lower court to resolve remaining legal issues.
Yahoo
a day ago
- Yahoo
UnitedHealth Just Got a $418 Price Target -- Here's Why It Matters
June 20 - UnitedHealth Group (NYSE:UNH) received a price target hike from JPMorgan's Lisa Gill, who now sees the stock reaching $418, up from $405. The revised target suggests a potential upside of nearly 36%, according to a Thursday note. Warning! GuruFocus has detected 4 Warning Sign with UNH. Shares of the health insurance provider have fallen about 39% so far this year, pressured by rising costs in its Medicare Advantage business and weaker-than-expected first-quarter earnings. A recent CEO change also added to investor concerns. Gill adjusted her forecasts after a meeting with UnitedHealth's leadership. While acknowledging the pressure from higher physician visits and outpatient claims, she expects the company to refocus on profitability rather than aggressive membership expansion. Looking ahead, Gill anticipates slower Medicare Advantage enrollment growth through 2026. She said UnitedHealth may scale back its offerings and exit underperforming plans over the next year. Still, the analyst believes margins could come in at the low end of the company's 3% to 5% goal for the Medicare segment. If that plays out, earnings may beat current expectations. Gill maintained an Overweight rating, suggesting she remains optimistic about a potential rebound. Based on the one year price targets offered by 24 analysts, the average target price for UnitedHealth Group Inc is $380.92 with a high estimate of $677.00 and a low estimate of $270.00. The average target implies a upside of +24.00% from the current price of $307.20. This article first appeared on GuruFocus. Sign in to access your portfolio
