Two different types of health insurers reported higher third-quarter earnings today.
Health Net Inc., Woodland Hills, Calif. (NYSE:HNT), is a company that still has significant commercial health insurance operations.
WellCare Inc., Tampa, Fla. (NYSE:WCG), focuses on the Medicare and Medicaid plan markets.
Health Net is reporting $62 million in net income for the latest quarter on $2.8 billion in revenue, compared with $58 million in net income on $2.8 billion in revenue for the third quarter of 2010.
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The company ended the quarter ended the quarter provided or administering health coverage for 3 million people outside the military’s TRICARE program, up from 2.9 million people a year earlier.
Enrollment in TRICARE – a program that provides health coverage for military dependents and retirees who receive care outside military facilities and facilities for veterans – fell to 3 million from 3.1 million.
Large commercial enrollment increased 1.5%, to 963,000, and individual and small group enrollment fell 3.7%, to 420,000.