April 18, 2017 / 1:09 PM / 4 months ago

UnitedHealth planning for costly 2018 health insurance tax

NEW YORK (Reuters) - UnitedHealth Group Inc (UNH.N) Chief Executive Steven Hemsley said on Tuesday that the company is planning for higher 2018 premiums and lower benefits based on the return of an industry wide 3 percent health insurance tax that will raise costs.

Hemsley, speaking on a conference call to investors to discuss first-quarter profit, said that he hopes but does not know if Congress will repeal the tax, which was created under the Affordable Care Act and was on a temporary hiatus in 2017.

Reporting by Caroline Humer

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