It turns out that forcing millions of Americans to buy health insurance is quite profitable for the giant health insurance companies that helped write Obamacare – health insurance providers across the board saw their stock prices soar today.
On the first day that new insurance exchanges were made available to Americans, companies like WellPoint Inc. and Molina Healthcare Inc. saw their stocks gain over 2.5%.
It’s unsurprising that large health insurance companies are enjoying the fruits of mandatory Obamacare regulations, since they helped write them in the first place.
WellPoint’s performance today will surely be celebrated by its former Vice President Liz Fowler, who wrote the 87-page white paper that was the foundation of Obamacare. After it was passed, Senator Max Baucus profusely thanked Fowler for being personally responsible for crafting the Affordable Health Care Act. Politico described her as a “major player” in getting the bill through Congress.
WellPoint Inc. is the nation’s second largest health insurer and is responsible for operating Blue Cross Blue Shield licenses.
Others companies like United Healthgroup Incorporated (America’s largest health insurance provider) and Cigna Corp also enjoyed spikes today in excess of 1.5%.
The gains all surpassed the Nasdaq’s overall daily rise of around 1%.
As we previously documented, virtually all of the major health insurance companies have seen their stock prices continually climb since Obama signed the Affordable Care Act into law in 2010.
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