Just hours after President Barack Obama announced a one-year reprieve for canceled insurance plans, industry executives warned it would cost taxpayers and consumers while state officials split on their support for it.
Almost 1 million people who applied for health care on the government insurance exchanges last month left without choosing a plan, a pipeline of potential customers the Obama administration must persuade to return.
Questcor Pharmaceuticals Inc. fell the most in 20 years after insurer Aetna Inc. said it would limit coverage of the company’s top-selling drug. The drugmaker said it doesn’t expect a “material impact” from the change.
Aetna Inc., the third-largest U.S. health insurer, said its coverage policies for immune system disorders treatments from Baxter International Inc. and Grifols SA are unchanged, contrary to an analyst report that said the insurer would favor the Grifols product.
WellPoint Inc., the largest U.S. insurer by enrollment, and Aetna Inc., the third biggest, are among 11 insurers ordered to refund money to almost 600,000 New Yorkers who were charged too much for health insurance.
Aetna Inc. and 19 other companies are being urged to disclose their contributions to independent political organizations by investors including unions and state pension funds with $922 billion in assets.
New York Attorney General Andrew Cuomo subpoenaed American International Group Inc. as part of a fraud investigation focusing on life insurers’ retention of death benefits, a spokesman for his office said.