Humana Inc. led medical insurers higher in trading today after the U.S. government reversed a decision to cut a key Medicare payment rate, offering them an increase instead.
Humana rose 9.2 percent to $81.94 at 9:39 a.m. New York time, and UnitedHealth Group Inc. gained 6.7 percent to $62.93, after the Centers for Medicare and Medicaid Services went public Monday with the decision to do away with a planned rate reduction. Instead, insurers will receive a 3.3 percent increase in the rate that determines the payments they get for running the government’s Medicare Advantage plans.
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