UnitedHealth Group Inc on Friday topped expectations for first-quarter results but shares fell 3% after the company failed to address investor worries over high costs next year due to policy changes for government-backed health insurance plans.
Medicare Advantage are offered by private insurers as an alternative to the original Medicare - the federal government's health insurance plan for people aged 65 and older or those with certain disabilities.
Medicare and Medicaid memberships make up a third of the UnitedHealth's health insurance business. The company said it added 655,000 Medicare Advantage members and 570,000 Medicaid members in the quarter. The company intends to pull back members no longer eligible for Medicaid - plans that cover costs for low-income individuals - to its commercial offerings by extending annual enrollment periods for employers and increase subsidies, including plans with no monthly premium.
UnitedHealth raised its adjusted 2023 profit forecast to between $24.50 and $25 per share, compared with its earlier estimate of $24.40 to $24.90 and market expectations of $24.94. Excluding items, it reported a first-quarter profit of $6.26 per share, beating estimates of $6.13, helped by lower medical costs and strength in its government-backed insurance plans.Our Standards:Bhanvi Satija reports on pharmaceutical companies and the healthcare industry in the United States. She has a postgraduate degree in International Journalism from City, University of London.
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