Roughly 10% of people enrolled in Humana’s private Medicare plans will have to find new coverage for next year as the company trims its offerings in what’s become a turbulent corner of the industry.
Humana, the country’s second largest Medicare Advantage insurer, is aggressively culling its plan offerings after several quarters of spending more than expected on its members’ medical care, and getting hammered on Wall Street for it. The company will scrap Medicare Advantage plans in 2025 that currently cover about 560,000 members.
Susan Diamond, Humana’s chief financial officer, detailed the company’s plans Wednesday at the Wells Fargo Healthcare Conference after first hinting at them during Humana’s second quarter earnings call in July.
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