UnitedHealth Group warned of rising costs later this year as Americans catch up on less urgent surgeries halted by the coronavirus pandemic
) on Wednesday warned of rising costs later this year as Americans catch up on less urgent surgeries delayed by the coronavirus pandemic but stuck to its full-year forecast after posting a near 102% surge in quarterly profit.
As a result, the company’s medical loss ratio - the percentage of premiums paid out for medical services - plunged to 70.2% in the quarter ended June 30, compared with Refinitiv IBES estimates of 78.38%.UnitedHealth, however, maintained its full-year adjusted profit forecast, saying demand for healthcare began to recover in May and approached more typical levels by quarter-end.
UnitedHealth said results are expected to be weighed by assistance measures already taken, like the $1.5 billion in premium credits and other discounts given to some members.
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