Humana’s Medicare Advantage enrollment continues to grow as the coronavirus strain COVID-19 tests the health insurer’s effort to address social determinants of health for its elderly membership.
Humana Wednesday reported first quarter net income of $473 million as the company continued to add new enrollment in its Medicare Advantage plans for seniors. Humana’s revenues were up nearly 18% to $18.9 billion thanks to more seniors choosing its private Medicare Advantage plans.
As of the end of the company’s first quarter, Humana said individual Medicare Advantage enrollment was 3.8 million, or up 12% from 3.4 million at the end of last year’s first quarter. Enrollment was up 7%, or 250,900 when compared to Dec. 31, 2019 figure of 3.58 million.
The financial impact of COVID-19 “was not material” to Humana’s first quarter financial results, but the health insurer said it has taken numerous steps to address the social determinants of health of these seniors who are screened and closely watched for food insecurity, loneliness and isolation. Social determinants of health, if not addressed, can worsen chronic conditions, executives said.
“We will continue to expand our relief efforts, like the proactive outreach we started last month to our most vulnerable members that, to date, have included fulfilling orders for over half a million meals and closing approximately 630,000 gaps in care,” Humana president and chief executive officer Bruce Broussard said.
Humana is one of the nation’s biggest providers of Medicare Advantage, which allows private health plans to contract with the federal government to provide medical benefits to seniors. Medicare Advantage plans provide extra benefits and services to seniors, such as disease management and nurse help hotlines, as well as some plans providing vision and dental care.
“As we begin the re-entry phase, we will remain focused on serving our vulnerable populations, including over eight million Medicare beneficiaries, and recognize that safety, and particularly consumer confidence in the ability to once again safely begin using the healthcare system, are top of mind with everyone, and we play a pivotal role in ensuring both,” Broussard said.
Source: Forbes