Centene has withdrawn its monetary steering for the remainder of the yr after receiving knowledge that confirmed its medical insurance members in Reasonably priced Care Act plans are getting much more care than the corporate had anticipated.
The corporate can also be seeing a “step-up” in medical prices amongst its Medicaid enrollees. Centene’s inventory plummeted 23% in after-hours buying and selling Tuesday.
The shock disclosure could also be just the start of issues for Centene and different insurers that rely closely on authorities well being care enrollees. Centene will get a majority of its income from ACA and Medicaid plans. Regardless of Centene’s pleas to Republicans to not reduce the taxpayer-funded applications, Republicans are advancing a invoice that may consequence within the largest reduce ever to Medicaid.
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