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Humana Inc. HUM is enhancing 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.
People residing in two Massachusetts counties, namely Worcester and Bristol, can pick one of the four 2021 Medicare Advantage Preferred Provider Organization (PPO) plans provided by this leading health insurer. The facility can be availed of during 2020’s Medicare Advantage and Prescription Drug Plan Annual Election Period or AEP that runs from Oct 15 through Dec 7, 2020. This is applicable for the plan effective Jan 1, 2021.
The MA plans will have $0 to low monthly pay premiums and low co-payments for doctor checkups. The offerings also include coverage of most annual screenings for free, a wide network of physicians and specialists, emergency coverage across the globe, et al.
One such plan is the Humana Honor plan, a $0 premium Medicare Advantage PPO option with a $40 Part B giveback. It is available to people eligible for Medicare as well as included in VA health care coverage by encompassing health care services at non-VA (civilian) facilities including dental coverage.
Residents of Massachusetts will be able to gain traction from better health plan choices, which in turn, are expected to enhance health outcomes.
This is not the first time that this health insurance giant made efforts to expand its existence and helped people with better MA plan options. Having said that, this seems the perfect time to widen the company’s presence when healthcare is in maximum demand among most communities across the world.
There has been a host of activities that the company took up recently. It tied up with Prime Healthcare to offer 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 provide a new suite of services and products in the New York metropolitan region.
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 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 health insurance giant will also provide Humana Honor plan in every county across the Tennessee region, which is available for all individuals eligible for Medicare.
With strong partnerships, this lead insurance giant is well-poised for growth on the back of its Medicare business.
The Future of Medicare Business
With the surge in aging population across the United States, demand for MA plans is going to remain upbeat. The health care provider flaunts a strong Medicare business across the United States where it has been offering at least one Medicare plan across 50 states. Notably, the company has been providing private health plans under the Medicare program for more than three decades now.
In order to offload the pandemic-induced financial burden from its Medicare Advantage members, the company even waived additional costs for in-network primary care, outpatient behavioral health and telehealth visits for the remainder of this year.
The 2020 individual Medicare Advantage membership is now expected to be roughly 375,000 members, higher than the previous forecast of 330,000-360,000 members.
Zacks Rank and Price Performance
Shares of this currently Zacks Rank #4 (Sell) company have surged 35.8% in a year compared with the industry’s growth of 25.8%.
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, Anthem Inc. ANTM and Molina Healthcare, Inc. MOH have also rallied 24.4%, 18% and 77.5%, respectively, in the same time frame.
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