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Humana Inc. HUM recently expanded its services in Washington where Medicare beneficiaries in the counties of Benton, Walla Walla and Franklin will have access to more Medicare Advantage health plan coverage choices during the 2021 Medicare Advantage and Prescription Drug Plan Annual Election Period (AEP). The AEP runs from Oct 15 to Dec 7, 2020.
The health insurance giant will offer Humana Gold Plus HMO plan, HumanaChoice PPO plan, Humana Honor PPO MA Only plan and Humana Value Plus HMO plan in the aforementioned counties during 2021.
During this period of time, Medicare beneficiaries in Benton, Walla Walla and Franklin counties can register under the Humana Gold Plus HMO Medicare Advantage plan with coverage effective Jan 1, 2021. This is a bonus to the set of Humana plans already offered in the area.
Eligible members will able to gain traction from wider and affordable health systems, and physician offices, which in turn, will likely lead to better health outcomes. Some advantages of Humana MA plans include $0 or low monthly plan premiums, minimum co-payments for doctor visits and annual routine check-up, etc.
This is not the first time that the leading health insurer took initiatives to provide its members with top-notch facilities. This move is in line with its commitment to stay focused on providing affordable and improved health care to communities.
Other Recent Activities
There is a host of measures that the company took recently. It tied up with Prime Healthcare to deliver in-network access to most area Humana Medicare Advantage and commercial plan members at two Prime Healthcare hospitals in Kansas. It also signed a five-year pact with the state of New York’s leading healthcare provider Northwell Health that will unveil an array of services and products in the New York metropolitan region.
It is also boosting health plan options for individuals eligible for Medicare in Massachusetts by offering its Humana Medicare Advantage health plans in the state for the first time.
Humana announced a slew of 2021 Medicare product offerings, such as Medicare Advantage and Prescription Drug Plans, etc. Beneficiaries will now be able to choose from 69 new MAPD plans across various additional counties. It also announced the launch of a Medicare Advantage Health Maintenance Organization (HMO) plan in the rural communities of 31 counties across the Knoxville, Memphis, Nashville areas. The extension is part of its Tennessee expansion plan chalked out for next year.
The Rise of Medicare Business
Demand for Medicare business is surging on the back of an aging population in the United States and the COVID-19 outbreak. The company is making all possible efforts to widen the scope of its Medicare business.
Progress in the business line is evident from 54% Medicare membership growth from 2013 to 2018.The full-year individual Medicare Advantage membership is now expected to be roughly 375,000 members, higher than the previous band of 330,000-360,000 members. This reflects year-over-year growth of around 10%.
Zacks Rank and Price Performance
Shares of this currently Zacks Rank #4 (Sell) company have jumped 25.5% in a year compared with the industry’s growth of 17.3%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other companies in the same space, such as Centene Corp. CNC, UnitedHealth Group Incorporated UNH and Anthem Inc. ANTM have also rallied 14%, 30.7% and 13.3%, respectively, in the same time frame.
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