|Day's Range||12.90 - 12.90|
(Bloomberg) -- Elizabeth Warren said Friday her Medicare-for-All plan would be implemented over three years, a major concession to the difficulty of fundamentally changing the way Americans get health care. Managed-care and hospital stocks moved higher on the news.A Medium post Warren published Friday mapped out a strategy to enact a mandatory government-run health care system that she estimates would cost $20.5 trillion but others have tagged at more than $30 trillion.Warren said she would inch up to Medicare-for-all, starting with a plan to cover children and poor families. That would happen through a legislative maneuver in her first 100 days in the White House, while not actually eliminating private insurance plans until her third year in office.Health-care companies, which worried about extinction, rallied Friday, leading the S&P 500 Health Index to an all-time high. Among them, some of the nation’s largest insurers such as UnitedHealth Group Inc., Humana Inc., Anthem Inc. and Centene Corp. have climbed more than 5% in Friday’s trading.The advance in health care is a turnaround from the first nine months of the year, when the industry trailed most of its market peers over drug-pricing regulations and Medicare for All proposals.Even if Warren wins the White House and Democrats win control of both the House and Senate, Warren’s timeline is still optimistic, given how Congress operates.She said she would ask Congress to use a quirk in the budget process to allow a simple majority vote -- bypassing the 60-vote Senate threshold -- and “fast-track” a Medicare for All option that would immediately cover children under the age of 18 and families making less than $51,000 a year, and provide an option for expanded Medicare for people over 50.In the first three years, anyone else could buy into Medicare for All at a “modest” cost, Warren said, before it eventually became free.By her third year in office, Warren said, “the American people will have experienced the full benefits of a true Medicare for All option, and they can see for themselves how that experience stacks up against high-priced care that requires them to fight tooth-and-nail against their insurance company.”She added, “I won’t hand Mitch McConnell a veto over my health care agenda,” referring to the current Senate majority leader.After repeated questioning about how she would finance a government-run Medicare for All system that eliminates private insurance, Warren on Nov. 1 rolled out a $20.5 trillion proposal funded by taxing the rich and large corporations.Her gradual implementation “will give people time to adjust, people in the industry will have time to look for other jobs, pension plans will have time to start changing their portfolio and it will give the government time to gear up the bureaucracy,” said Gerald Friedman, professor of economics at the University of Massachusetts at Amherst, who consulted on Bernie Sanders’s 2016 presidential campaign on Medicare for All, the basis of Warren’s plan.The new proposal sets Warren apart from Sanders, who has said he wouldn’t compromise with incremental health-care changes.But Friedman cautioned that a long transition period could leave the private health insurance industry in shambles.“If you know that in three years your company is going to be wiped out, then it could create perverse incentives, staff start exiting and companies may become dysfunctional before the government program is set up,” Friedman said.Warren’s new proposal at least at first ends up looking much like that of her moderate rivals, Joe Biden and Pete Buttigieg: Expanded government-run insurance without mandating it for everyone.Spokesmen for Biden and Buttigieg quickly weighed in.“Senator Warren is now trying to muddy the waters even further,” said deputy campaign manager Kate Bedingfield. “We’re not going to beat Donald Trump next year with double talk on health care.”Buttigieg spokeswoman Lis Smith said, “Senator Warren’s new health care ’plan’ is a transparently political attempt to paper over a very serious policy problem, which is that she wants to force 150 million people off their private insurance -- whether they like it or not.”Even if Democrats control the entire federal government in 2021, their best-case scenario is a narrow Senate majority that would likely leave Warren far short of the votes to pass Medicare for All. And several key Democrats have pledged not to eliminate the legislative filibuster. But the party is more united around the idea of a government-run insurance option.The budget fast-track process, known as reconciliation, has been used by majorities in both parties to avoid a filibuster. Democrats under President Barack Obama used it to pass Obamacare in 2010, while Republicans under President Donald Trump tried to use the procedure to repeal the health-care law in 2017 but came up short.“While Republicans tried to use fast-track budget reconciliation legislation to rip away health insurance from millions of people with just 50 votes in the Senate, I’ll use that tool in reverse – to improve our existing public insurance programs,” Warren wrote.Still, budget reconciliation creates complications as Senate rules require that such legislation be limited to changes involving taxes and spending. Republicans struggled to shoehorn their attempted repeal of Obamacare, which included regulatory reforms, into the process.Warren also vowed to take immediate action to lower drug prices in her first day as president, including insulin, EpiPens and drugs that save people from opioid overdoses. A Warren administration would help companies produce expensive medicines as a price-control measure and use administrative authority to ensure sufficient supply.(Updates with details in first, second, third paragraphs.)\--With assistance from Tatiana Darie.To contact the reporters on this story: Misyrlena Egkolfopoulou in Washington at email@example.com;Sahil Kapur in Washington at firstname.lastname@example.orgTo contact the editor responsible for this story: Wendy Benjaminson at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Centene intends to use the net proceeds of the New Notes to finance the cash consideration payable in connection with Centene's previously announced acquisition of WellCare Health Plans, Inc. ("WellCare") and to pay related fees and expenses. Centene expects to use the net proceeds of the 2026 Notes for general corporate purposes, including the repayment of revolver borrowings. Centene currently expects the acquisition to be completed by the first half of 2020.
Former Gov. John Kitzhaber, the architect of Oregon’s coordinated care organizations for managing Medicaid, said he’s concerned about the system’s future. Kitzhaber shared a frank assessment of what he views as a lack of direction and burdensome new rules and penalties. Fifteen CCOs manage about 1 million people on Medicaid, or a quarter of the state's population.
October is over, much to the delight of investors, mainly because it historically experienced 37% greater monthly price fluctuations than the average for the other 11 months since 1945, notes analyst Sam Stovall, chief investment strategist for CFRA Research's The Outlook.
ST. LOUIS , Nov. 7, 2019 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today issued a reminder that it will host an investor meeting, including a question-and-answer session, on Friday, December 13, ...
The November to January period historically offers the strongest stock market returns, and these stocks may be poised to ride that seasonal pattern.
The ratings on the six P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. Moody's rating action reflects a base expected loss of 3.0% of the current pooled balance, compared to 4.6% at Moody's last review. Moody's base expected loss plus realized losses is now 3.0% of the original pooled balance, compared to 4.5% at the last review.
ST. LOUIS, Nov. 1, 2019 /PRNewswire/ -- Centene Corporation (CNC) announced today its Texas subsidiary, Superior HealthPlan, has been informed that the Texas Health and Human Services Commission (HHSC) intends to award a contract to continue to provide quality, integrated healthcare services to enrollees in the state's STAR+PLUS program. The re-procured STAR+PLUS contract is expected to be effective on September 1, 2020, and will allow Superior to offer new coverage in two new service areas while also continuing to support members in seven service areas Superior has operated in since 2012. "Superior HealthPlan has been providing healthcare services and programs in the State of Texas since 1999," said David Thomas, Executive Vice President, Markets, for Centene.
ST. LOUIS, Nov. 1, 2019 /PRNewswire/ -- Centene Corporation (CNC) ("Centene") announced today the commencement, in connection with its previously announced acquisition of WellCare Health Plans, Inc. (WCG) ("WellCare"), of exchange offers for any and all outstanding notes set forth in the table below (the "WellCare Notes") issued by WellCare for up to $1,950,000,000 aggregate principal amount of new notes to be issued by Centene (the "Centene Notes") and cash.
ST. LOUIS , Oct. 31, 2019 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today it will present at two healthcare conferences in November. At the Credit Suisse 28 th Annual Healthcare Conference, ...
Open enrollment for health benefits began November 1. However, there are some major changes coming in 2020. Yahoo Finance's Brian Sozzi and Alexis Christoforous discuss these changes with with Ease Founder David Reid on the First Trade.