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Andrew Harnik / AP

Molina Healthcare's stock tumbled after hours Wednesday after the health insurer posted a fourth-quarter loss that was attributed to parts of Obamacare — a big problem for one of the health insurers that has had success in the program.

However, the company didn't lose money because it had sicker-than-expected enrollees. In fact, medical costs for its Obamacare enrollees were $120 million lower than Molina thought. Instead, Molina got slammed because it had healthier members and had to pay $325 million into an Obamacare program called risk adjustment, which pools money from insurers in a given state and redistributes it to those who had higher-cost enrollees.

Molina's losses also were "exacerbated by the federal government's failure" to make payments under Obamacare's risk corridor program, another feature designed to reduce insurer losses in the early years. Axios reported last month that Molina, which has not yet committed to the exchanges in 2018, was suing the federal government for $52 million in risk corridor payments. Molina believes it is entitled to another $90 million for 2016.

Why this matters: Insurers like Humana are exiting Obamacare because they said they didn't have enough young and healthy members to offset the higher costs of older and sicker people. But Molina's problems show there are other components of Obamacare that insurers want fixed in any kind of replacement package. The risk corridor problem, however, lays entirely at the feet of the congressional Republicans who stymied those payments.

Go deeper

Exclusive: Lawmakers urge probe into DOJ's alleged racial profiling of Asians

U.S. Attorney General Merrick Garland. Photo: Win McNamee/Getty Images/Bloomberg via Getty Images

Nearly 100 members of Congress members urged Attorney General Merrick Garland to investigate the Justice Department's alleged racial profiling of Asians, according to a letter shared with Axios.

Why it matters: The case of Anming Hu, a scientist who was baselessly targeted in an espionage probe, has renewed scrutiny of the DOJ after an FBI agent admitted to falsely implicating the Chinese Canadian.

Updated 28 mins ago - Sports

The Olympic events to watch today

Katie Ledecky. Photo: Al Bello/Getty Images

5 events to watch today...
  • Baseball: USA plays Israel in the opening round at 6 a.m. ET on nbcolympics.com (Watch the replay at 10:30 a.m. ET on NBC Sports).
  • Women’s soccer: USA takes on the Netherlands in the quarterfinals at 7 a.m. ET on NBC Sports (watch the replay at 6 p.m. ET on NBC Sports).
  • 🏊 🚴 🏃‍♀️ Team triathlon: The mixed team relay Triathlon makes its Olympic debut at 6:30 p.m. ET on USA Network.
  • 🏊‍♀️ Swimming finals: Watch Katie Ledecky swim the women’s 800m freestyle final and Caeleb Dressel go for his third gold at this year’s Games in the men’s 50m freestyle. Plus live action from the mixed 4x100m medley relay. Coverage starts at 9:30 p.m. ET on NBC.
  • 🏃‍♀️ Track and field: Athletes compete in prelims and round 1 of several events, including the women’s 400m hurdles and men’s 100m.
Ina Fried, author of Login
37 mins ago - Technology
Column / Signal Boost

Japan tests teleporting games and "remote cheering"

NTT is using augmented reality holograms to transport an Olympic badminton match to the National Museum of Emerging Science and Innovation. Photo: NTT

Japanese telecom giant NTT is using the Olympics to show off a new generation of technologies that can transport the sporting experience to wherever fans are, instead of making them come to games.

Why it matters: Technology like this would have solved tons of problems this year, when no spectators are allowed at the actual Olympic venues. Unfortunately, it's all available only in demo form right now.

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