What You Need to Know
- Anthem increased enrollment in its Medicare Advantage plans to 1.5 million by the end of the first quarter.
- Enrollment in self-insured dental plans rose 13%.
- Anthem reported $1.7 billion in net income for the first quarter on $32 billion revenue.
Anthem Inc. increased enrollment in its Medicare Advantage plans to 1.5 million by the end of the first quarter.
That’s up 15% from the total the company recorded a year earlier, according to the Indianapolis-based health insurer’s latest earnings report.
Anthem is the second big health insurer to report significantly higher Medicare Advantage plan enrollment this quarter.
UnitedHealth Group Inc., a major competitor, announced last week that it had increased its Medicare Advantage plan enrollment 14%, to 6.3 million people.
The Medicare Advantage program gives private insurers a chance to sell plans that serve as an alternative to traditional Medicare coverage. The program provides coverage for about 27 million Medicare enrollees, according to Mark Farrah Associates.
Anthem increased faster, in percentage terms, than any of the other carriers that rank in the top 10 in terms of Medicare Advantage plan enrollees, according to Mark Farrah data.
Anthem is reporting $1.7 billion in net income for the first quarter on $32 billion revenue, up from $1.5 billion in net income on $30 billion in revenue for the first quarter of 2020.