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Sharing News to Benefit You
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We've sifted through the rumors and the rhetoric to find the real news...
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UnitedHealthcare To Exit Most ACA Exchange Markets In 2017
Employer-based Health Plans Remain Key Focus
On Tuesday, UnitedHealth Group announced that it will limit its participation in Affordable Care Act exchanges to just "a handful of states" starting in 2017. The company cited growing losses in this market for individual health insurance, and while this move may reduce competition in certain areas, it is expected UnitedHealth's withdrawal should have only a minimal impact on premiums, given its small share of the market.
UnitedHealth Group, the parent company, warned in November it was considering quitting most marketplaces because of escalating losses on the Obamacare plans. The company on Tuesday said it lost $475 million last year from the marketplace plans and was on target to lose $650 million in 2016. Read more...
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 Wells Fargo H.S.A Division Acquired by Optum Bank
Last week, Wells Fargo's Health Benefit Services agreed to sell their H.S.A. business to Optum Bank, a subsidiary of UnitedHealth Group. Wells Fargo expects the transition of the H.S.A. business to Optum to be completed by the end of the year. Until then, it's business as usual for those employees or individuals who have current Health Savings Accounts with Wells Fargo; other banking services with Wells Fargo will not be affected.
Optum has administered HSAs since their inception in 2004 and currently manages more than 2.2 million HSAs with $4.2 billion in assets. As the only bank operating as part of a fully dedicated health services company, Optum is uniquely positioned to help people understand and maximize the benefits of their health accounts.
In preparation for the transition, Optum and Wells Fargo will continue to share information about any changes that will impact employees' HSAs and we will continue to keep you updated as more information on the transition emerges.
If you have any questions or would like more information, please contact us, or your Wells Fargo Relationship Manager or the Employer Customer Service Team at 1-866-988-2006, 24 hours a day, 7 days a week.
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Health Net, Inc. Merger With Centene Corporation Completed
As of March 24, 2016, Health Net and Centene are combined as one company. According to Health Net, the merger creates a leading diversified health care services enterprise with more than 10 million members in 23 states.
In a statement, Health Net said "We fully expect there will be a positive evolution as Health Net and Centene work as one to develop new and better ways of providing service and benefits to you and our members. You can be sure that what's not going to change is Health Net's passion and commitment honed over our 30-plus year history of providing quality, affordable health insurance coverage and service."
There are no name-change plans for Health Net or its subsidiaries. For members, all benefits and premium administration will not change for 2016.
Source: March 24, 2016 Blog by Mike Spasoff, Health Net
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The Live Well, Work Well Newsletter provides wellness, fitness, nutrition and financial tips, including a healthy recipe that you can share with employees.
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