What's the catch? The big profits have come not from the insurance exchanges, but via the ACA's Medicaid expansion, in which the largest insurers have been playing a major role. The same insurance executives who go out of their way to badmouth the ACA's individual exchange plans talk as though they can't get enough of the Medicaid business, especially its managed care component.
"Managed Medicaid continues to emerge as the ultimate long-term sustaining solution for states," United CFO Dave Wichmann told investors last month, adding that his company expected to compete for that business aggressively.
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