Healthcare DIVE November 1, 2023
The payer expects higher levels of Medicare Advantage utilization to continue for the remainder of the year, outgrowing past expectations.
Dive Brief:
- Humana reported growing medical costs in its insurance segment during the third quarter as a result of increased medical utilization among Medicare Advantage members and higher-than-anticipated COVID-19 admissions.
- The payer expects higher levels of utilization to continue for the remainder of the year, and is now forecasting its 2023 medical loss ratio will outpace prior guidance. Humana is projecting a MLR of 87.5% for 2023, up from the 86.6% to 87.3% range it previously expected.
- Humana’s shares slid following the earnings release Wednesday, despite the insurer beating Wall Street expectations on revenue of $26.4 billion and profit...
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