(Bloomberg) — Health insurers that waged a campaign against Obamacare hit an all-time high on the stock market Wednesday after UnitedHealth Group Inc. said it would add hundreds of thousands of new customers because of the law.
The Standard & Poor's 500 Managed Health Care Index — which includes the five biggest U.S. insurers — closed at 1,031.18, the highest level since at least 1994. Health insurers have said that the Affordable Care Act has cost them billions in taxes and fees — including $1 billion in 2014 for UnitedHealth — and burdened them with new regulations.
The Affordable Care Act requires all Americans to have health insurance. To do so, it created marketplaces for people to buy coverage, often with subsidies, and expanded Medicaid, the joint federal-state program for the poor.
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