Centene Corp. is still happy with its commercial individual major medical insurance business, and it’s still letting individual major medical enrollment rise.
The St. Louis-based insurer gave some information about its major medical insurance operations Tuesday, when it released earnings for the third quarter.
The company, which is best known as a manager of Medicaid plans and other plans aimed at low-income people, is reporting $95 million in net income for the quarter on $19 billion in revenue, up from $19 million in net income on $16 billion in revenue for the third quarter of 2018.
The company ended the quarter providing or administering major medical coverage for 15 million people, up from 14 million people a year earlier.
Medicare plan enrollment fell to 404,500, from 417,400, but the company is in the process of acquiring another carrier, WellCare, that’s a major player in the Medicare plan market.
Centene has been selling individual coverage through the Affordable Care Act public exchange system, and it also ended up with additional commercial health insurance business when it acquired Health Net.
The company’s enrollment in ACA public exchange program plans increased to 1.9 million, from 1.5 million a year earlier.
Overall commercial enrollment increased to 2.4 million, from 2.1 million.