SAN FRANCISCO—Last year, Humana was forced to slash its estimates for Medicare Advantage enrollment growth, and the news dominated the payer industry conversation at the J.P. Morgan Healthcare Conference.
This year, the insurer revealed that a year of introspection and investment in its core business produced a turnaround that exceeded even its internal expectations. In a filing submitted Monday to the Securities and Exchange Commission, Humana said it gained about 500,000 members during the annual enrollment period for Medicare and was boosting its overall membership growth guidance to at least 625,000.
Previously, Humana said it expected to add 500,000 new members over the course of 2023. Adding 625,000 new lives would represent membership growth of 13.6% compared to 2022, according to the filing.
Chief Financial Officer Susan Diamond said at the conference that there were questions as to whether Humana could rebound within a year as it charted a course to address issues identified in the 2022 enrollment period.