Humana slumps 23% as data shows membership in high-rating Medicare plans declined
) slipped in premarket US trading on Wednesday after data showed that the proportion of its membership enrolled in four-star Medicare plans and above for next year fell sharply.
Much of this decrease was due to the rating of Humana's H5216 contract being lowered to 3.5 stars from 4.5 stars, the company said in a regulatory filing on Wednesday. The plan contains roughly 45% of Humana's Medicare Advantage customers, including more than 90% of its employer group waiver plan members, it added.
The group has outstanding appeals related to some of the results and has requested additional information to ensure the accuracy of the threshold calculations, it said. In July, Humana said demand for medical care was higher than projected in the second quarter, stoking investors' fears that a recent spike in medical costs for health insurers may not soon abate.
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