Humana Inc. (HUM) shares plunged Thursday after the health insurance provider warned that 𓄧full-year profit will be negatively affect🔜ed by higher medical-care costs for Medicare patients.

The company slashed its 2023 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) outlook to $26.09 from the previous estimate of $28.25. The new E💖PS figure iꦺs also below analysts’ forecasts.  

Humana said in a regulatory filing Thursday that it “anticipated the higher level of medical utilization experienced during the third quarter in its 澳洲幸运5官方开奖结果体彩网:Medicare Advantage business would con🃏tinue for the remainder of the year.”

The company added that in the fourth quarter it saw Medicare Advantage cost trends increasing from higher-than-expected in-patient use and rising non-patient expenses, predominantly in the categories of physician, outpatient surgeries, and supplemental benefits.

Humana said that because of those higher costs, it anticipates a fourth-quarter adjusted insurance benefit ratio, which measures payouts versus premiums, of 91.4%,ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ above its earlier guidance of 89.5%. It expect♔s a full-year adjusted insurance benefit ratio of 88%, compared with the previous forecast of 87.5%.

The company noted that it tried to limit the financial impact through “various administrative cost containment, productivity and other initiatives.” but those weren't enough to match the jump in medical expenses.

Shares of Humana were down 10.9% to $398.97 ♓at 1:15 p.m. ET on Thursday, trading at their ✱lowest level in two years.