Humana Inc. has already cut back on the sales of individual huge medical insurance market, and now it claims it is confronting issues in the private Medicare plan market.
The Louisville, Kentucky-based health insurer talked about the Medicare plan worries when it declared its earnings for the fourth quarter of 2016 year.
Humana is informing a $401 million net loss for the quarter on $13 billion in revenue, in contrast to $101 million in net income on $13 billion in revenue for the fourth quarter of 2015 year.
The net loss involved 2 major unusual items: a $583 million write-off of receivables from a troubled Affordable Care Act (ACA) program, and the addition of $505 million to the reserves for an old block of long-term care insurance business.
The AHIP head claims that insurers require clear signals by March to ignore massive disruption.
Excluding the impacts of those charges and few other one-time charges, adjusted operating income for the quarter increased to $643 million, from $452 million for the fourth quarter of 2015 year.
The company ended the quarter giving or administering health coverage for a total of 14 million individuals, about as many people as it was covering at the end of 2015 year.
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