Yahoo News May 29, 2024
NEW YORK (Reuters) – Shares of U.S. health insurers fell on Wednesday after UnitedHealth Group’s chief executive said the company was keeping an eye on medical services used by Medicaid members, which could drive up costs.
CEO Andrew Witty identified the performance of Medicaid as something worth watching given the program’s membership turnover in multiple quarters.
Medicaid plans, which serve low-income people, were required during the COVID-19 pandemic to keep enrollees continuously in plans. That policy, which began in March 2020, was terminated in April 2023, prompting each state to reassess who was eligible for coverage.
UnitedHealth shares ended 3.8% lower at $484.72, while shares of rivals Humana, Centene and Elevance Health closed down 1.1%, 3.1% and 2.6%,...
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