Shares of health insurers lost ground Wednesday as executives at Centene (CNC) warned about a pullback in the number of people receiving Medicaid benefits.

Centene 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Sarah London told the Wells Fargo 2024 Healthcare Conference in Everett, Mass., that the company is "still seeing pressure in Medicaid, largely driven by the unprecedented redeterminations process," referring to how recipient eligibility is determined.

澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Drew Asher said Centene expects its Medicaid membership to be about 12.9 million to 13.0 million in 2024. That's down from the company's previous estimate of a low of 13.2 million, which it anticipated would climb to 13.6 million by the end of 𝓡the year. Asher added that Centene's current-quarter Medicaid medical costs, as a percentage of premiums, would be higher than in the second quarter.&nbꦗsp;

Medic🅺aid Enrollments Have Fallen Significantly Since Marc𒊎h 2023

According to the non-profit health research organization KFF, Medicaid enrollments have fallen by 25.1 million since March 2023, when states could begin "unwinding" their 澳洲幸运5官方开奖结果体彩网:Medicaid rolls of those no longer qualified. Asher noted that while about 30% of those term𝓡inated eventually return to Centene, the gap in time neg🐬atively impacts the company's revenue. 

Shares of Centene and rivals Molina Healthcare (MOH) and Elevance (ELV) were among the biggest decliners in the S&Pꦍ 500 today.