The well being insurer Humana reported a lack of greater than $500 million due to an “extra … [+]
The well being insurer Humana reported a fourth quarter lack of greater than $500 million due to an “extra improve in Medicare Benefit medical price tendencies, pushed by larger than anticipated inpatient utilization.”
Medicare Benefit plans, that are a big share of Humana’s enterprise, contract with the federal authorities to supply further advantages and companies to seniors, akin to illness administration and nurse assist hotlines with some additionally providing imaginative and prescient, dental care and wellness packages.
Humana, which stated the upper prices have been primarily in November and December, misplaced $541 million, or $4.42 within the quarter. Humana’s fourth quarter income rose to $26.4 billion in comparison with $22.4 billion within the year-ago quarter.
Humana ended the yr with 5.9 million complete Medicare Benefit enrollees, which was up 15% from 5.1 million within the fourth quarter of 2022.
For the yr, Humana reported web revenue of practically $2.5 billion on $106 billion in 2023 income. That compares to web revenue of $2.8 billion in 2022 and $92.8 billion in income.