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The Hill
10 minutes ago
- The Hill
Watch live: Peter Welch unveils legislation to combat Trump ‘sick tax'
Sen. Peter Welch (D-Vt.) will speak Tuesday afternoon on recently introduced legislation targeting President Trump's 'sick tax,' a provision in the GOP-led spending and tax package that will require Medicaid enrollees to pay more out of pocket when visiting a health care provider. Welch, along with other Democrats, has in recent weeks pushed back against sweeping cuts and reforms to Medicaid included in the 'big, beautiful bill' that Trump signed into law on July 4. 'As a result, seniors, children, people with disabilities, and working families already fighting to make ends meet will be forced to pay an out-of-pocket cost before they can receive vital health care services,' the Vermont Democrat wrote in a statement introducing the Repealing the Trump Sick Tax Act. 'This 'sick tax' imposed by President Trump and Congressional Republicans will force Medicaid enrollees to choose between paying their bills and receiving vital care every time they need to see a provider,' he added. Welch's remarks are scheduled to begin at 3:30 p.m. EDT. Watch the live video above.
Los Angeles Times
40 minutes ago
- Los Angeles Times
California, other states sue Trump administration over bill defunding Planned Parenthood
California and a coalition of other liberal-led states sued the Trump administration Tuesday over a provision in the 'Big Beautiful Bill' that bars Planned Parenthood and other large nonprofit abortion providers from receiving Medicaid funding for a host of unrelated healthcare services. The measure has threatened clinics across the country that rely on federal funding to operate. California Atty. Gen. Rob Bonta, who is helping to lead the litigation, called it a 'cruel, backdoor abortion ban' that violates the law in multiple ways. The states' challenge comes one day after Planned Parenthood won a major victory in its own lawsuit over the measure in Boston, where a federal judge issued a preliminary injunction blocking the ban from taking effect against Planned Parenthood affiliates nationwide. Federal law already prohibits the use of federal Medicaid funding to pay for abortions, but the new 'defund provision' in the bill passed by Congressional Republicans earlier this month goes further. It also bars nonprofit abortion providers that generated $800,000 or more in annual Medicaid revenue in 2023 from receiving any such funding for the next year — including for services unrelated to abortion, such as annual checkups, cancer screenings, birth control and testing for sexually transmitted infections. Attorneys for the U.S. Department of Justice have argued that the measure 'stops federal subsidies for Big Abortion,' that Congress under the constitution is 'free to decline to provide taxpayer funds to entities that provide abortions,' and that Planned Parenthood's position should not hold sway over that of Congress. In announcing the states' lawsuit Monday, Bonta's office echoed Planned Parenthood officials in asserting that the provision specifically and illegally targets Planned Parenthood and its affiliate clinics — calling it 'a direct attack on the healthcare access of millions of low-income Americans, disproportionally affecting women, LGBTQ+ individuals, and communities of color.' Bonta's office said the measure threatened $300 million in federal funding for clinics in California, where Planned Parenthood is the largest abortion provider, and 'jeopardized the stability' of Planned Parenthood's 114 clinics across the state, which serve about 700,000 patients annually — many of whom use Medi-Cal, the state's version of Medicaid. During a virtual news conference Monday, Bonta noted that federal funds already don't cover abortions. He said the new provision was 'punishment for Planned Parenthood's constitutionally protected advocacy for abortion' and 'a direct attack on access to essential health care for millions who rely on Medicaid.' 'The Trump administration and Congress are actually gutting essential life-saving care, like cancer screenings and STI testing, simply because Planned Parenthood has spoken out in support of reproductive rights,' Bonta said. 'The hypocrisy is really hard to ignore. A party that claims to be defenders of free speech only seem to care about it when it aligns with their own agenda.' Bonta added: 'Rest assured, California will continue to lead as a reproductive freedom state, and will continue to defend healthcare as a human right.' In their lawsuit, the states argue that the measure is unlawfully ambiguous and violates the spending powers of Congress by singling out Planned Parenthood for negative treatment, and that it will harm people's health and increase the cost of Medicaid programs for states by more than $50 million over the next decade. In its lawsuit, Planned Parenthood also argued that the measure intentionally singled it and its affiliates out for punishment, in violation of their constitutional rights, including free speech. In granting Planned Parenthood's request for a preliminary injunction, U.S. District Judge Indira Talwani wrote Monday that she was 'not enjoining the federal government from regulating abortion and is not directing the federal government to fund elective abortions or any healthcare service not otherwise eligible for Medicaid coverage.' Talwani, an Obama appointee, wrote that she also was not requiring the federal government 'to spend money not already appropriated for Medicaid or any other funds.' Instead, Talwani wrote, her order blocks the Trump administration from 'targeting a specific group of entities — Planned Parenthood Federation members — for exclusion from reimbursements under the Medicaid program,' as they were likely to prove that 'such targeted exclusion violates the United States Constitution.' In a statement to The Times Tuesday, White House spokesman Harrison Fields said the 'Big, Beautiful Bill' was 'legally passed by both chambers of the Legislative Branch and signed into law by the Chief Executive,' and Talwani's order granting the injunction was 'not only absurd but illogical and incorrect.' 'It is orders like these that underscore the audacity of the lower courts as well as the chaos within the judicial branch. We look forward to ultimate victory on the issue,' Fields said. The White House did not immediately respond to a request for additional comment on the states' lawsuit. Jodi Hicks, president and CEO of Planned Parenthood Affiliates of California, joined Bonta during his news conference. She welcomed the states' lawsuit, saying 'an attack this severe requires a multi-pronged response with both short and long term strategies.' Hicks said it's particularly important that California is helping to fight back, given the huge stakes for the state. 'California is the most impacted state across the country because of the volume of patients that we have, but also because of the amount of Medicaid that our state takes,' she said. 'It speaks to our values. And this defund provision is certainly [an] attack on values — most heavily on California.' Bonta is leading the lawsuit along with the attorneys general of Connecticut and New York. Joining them are Pennsylvania Gov. Josh Shapiro and the attorneys general of Colorado, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin and the District of Columbia. Bonta noted the lawsuit is the 36th his office has filed against the Trump administration in the last 27 weeks.
Yahoo
41 minutes ago
- Yahoo
UnitedHealth Group reports mixed second quarter earnings; stock down in premarket trading
UnitedHealth Group (UNH) reported second quarter earnings Tuesday, beating Wall Street's expectations on the top line by a small margin and missing on the bottom line. But its earnings continue a trend of higher-than-expected costs in the industry this quarter. The company reported revenues of $111.6 billion, compared to Wall Street expectations of $111.53 billion, and adjusted earnings per share (EPS) of $4.08, compared to $4.59 expected by the Street. Revenues are up nearly $13 billion year over year compared to the second quarter in 2024. But margins have shrunk from 4.3% in 2024 to 3.1% this quarter. The company also updated its guidance for the full year after pulling it last quarter. It now expects revenues between $445.5 and $448.0 billion and adjusted earnings of at least $16 per share. UnitedHealth's stock fell more than 5% in trading Tuesday. Read more: Live coverage of corporate earnings Industry pressure More patients seeking care means more premiums being paid out and less revenue for health insurers. Typically, insurers aim to be on the lower end of between 80% and 85% of the premiums they receive, known as the medical expense ratio. UnitedHealth reported 89.4% this quarter, compared to 84.8% in the first. That number is the highest in the company's history, breaking its 2024 record of 85.5%, which was attributed to higher utilization of care by seniors. Other insurers have reported 90% or more in the second quarter this year — a significant jump from prior quarters, and it's all related to Medicare or Medicaid programs. This marks a continuing trend that has been plaguing the industry since last year and has taken several stocks for a ride every quarter. Notably, CVS (CVS) saw a hit to its stock after its Aetna Medicare costs came in higher than expected, but then its stock was boosted last quarter as fears of costs were allayed. This quarter, Centene (CNC) and Elevance (ELV) have faced higher-than-expected costs. The hit to UnitedHealth on Tuesday appears to be a delayed part of that trend — and the company has acknowledged that it, like other big insurers, is surprised by the hit. Especially with the company's focus on revenue management, owning and acquiring companies over the years would rely on technology to streamline and increase profits. The result of the inaccurate cost assumptions will be felt by patients next year, as UnitedHealth announced it will exit several markets, impacting 600,000 patients. That's in the Medicare Advantage market alone. It also anticipates heavy losses in the Affordable Care Act marketplace, as enhanced subsidies from the pandemic expire. On top of which, premiums are likely to rise next year as the company looks to boost revenues and profits. Industry change In addition to the insurance market woes, UnitedHealth has faced internal struggles. Former CEO Andrew Witty was ousted in May. Former CEO and board chair Stephen Hemsley then took the helm. The executive shake-up came after a year of turmoil for the company, including the largest-ever cyberattack on its Change Healthcare subsidiary. Meanwhile, the company is still reeling from the death of insurance executive Brian Thompson, who was shot and killed in New York City last year. The incident prompted an awakening in the insurance industry, which faced a backlash for its system of prior authorization requirements that result in denials of care. Several companies and the Trump administration have pledged to fix the problems and relax prior authorization burdens for patients. Humana executives said last week during an earnings call that the company would reduce prior authorizations by one-third of the current volume. UnitedHealth previously said that it only sees prior authorizations for 2% of total claims and that it will further reduce that amount. UnitedHealth said Tuesday the company is focused on greater transparency with Hemsley leading and expects to continue offering greater insight into its operations as it rebuilds the company. 'UnitedHealth Group has embarked on a rigorous path back to being a high-performing company fully serving the health needs of individuals and society broadly,' CEO Stephen Hemsley said in a statement. 'As we strengthen operating disciplines, positioning us for growth in 2026 and beyond, the people at UnitedHealth Group will continue to support the millions of patients, physicians and customers who rely on us, guided by a culture of service and longstanding values.' Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, provider services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem. Sign in to access your portfolio
