WellPoint says it prices exchange products right
Jan 29 (Reuters) - WellPoint Inc said on Wednesday that based on the enrollment it had received so far, it has priced its new exchange products properly based on the customer ages and profiles.
The company said the ages and profiles of customers have been as it expected. Data related to early enrollment numbers nationwide have been showing customers in general were skewing older, which has some analysts worried that insurers priced their plans too low and would lose money on them.
WellPoint Chief Executive Officer Joseph Swedish said during a conference call with investors that "the average age of the application reflects individuals that are close to what we anticipated in our pricing."
He also said the risk profile of customers is what they had modeled for their plan pricing.
The company has received 500,000 applications for individual customers, for plans sold both on and off the exchanges, and the majority are for members who are new to WellPoint, Swedish said.
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