UnitedHealth Group (UNH) was the worst-performing stock in the Dow on Wednesday after the health🎃 insurance provider warned about rising costs because of a bigger-than-expected jump in surgeries for those aged 65 and📖 older.

The company told a Goldman Sachs healthcare conference that demand for operations increased from patients in Medicare health plans, especially knee and hip procedures.

Tim Noel, CEO of UnitedHealth’s Medicare and retirement business, indicated that now that mask mandates and other COVID-19 rest♉rictions have been lifted, more seniors are comfortable with accessing services for treatments they might have delayed before. 

CFO John Rex said the trend towards more elective surgeries could ꦰpush t🔯he company’s ratio of costs for claims versus premiums toward the upper range of its full-year outlook in the second quarter. 

UnitedHealth Group shares tumbled over 6% on Wednesday to around their lowest levels in a year following the comments. Shares of other health insurance providers were dragged down as well.