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Affordable Care Act (Obamacare)

UnitedHealth CEO terms ACA exchange growth a 'bad decision'

UnitedHealth CEO Stephen Hemsley offered a mea culpa Tuesday for his company's decision to dive deeper into the Affordable Care Act's public insurance exchanges, a move that ultimately forced the nation's largest health insurer to cut its earnings forecast.

Hemsley told investors that the insurer should have learned more about the still-new business, and expanding before it did that was "for us, a bad decision." UnitedHealth jumped into two dozen state-based exchanges for 2015 after selling coverage on just four in 2014.

"It will take more than a season or two for this market to develop," Hemsley said during a webcast of the company's annual meeting...