Wednesday, November 11, 2009

SEC Filings Point to Millions More Uninsured

WellPoint, UnitedHealth, Aetna, Cigna and Humana shared their medically insured totals in their latest 10-Q (SEC filing). Only one of the five increased their core health insurance business in the last year.

WellPoint insured 33.9 million, down 1.5 million from 2008. Nearly 1 million lost commercial coverage, representing employer sponsored insurance. It's not clear how many of the 1.5 million were dropped for financial reasons.

UnitedHealth covered roughly 32 million people. Their commercial coverage fell by 1.7 million, while Medicaid, Medicare Advantage and Senior insureds increased. Overall UnitedHealth's business is down 820,000.

Aetna provided insurance for 19 million people, up 1.4 million from 2008. It reversed the trend by adding business, over 1 million in the commercial segment. Medicare and Medicaid increased as well.

Cigna covered 11.1 million people, down 800,000 from 2008. Their filing cited the decrease was "primarily driven by disenrollment across all funding arrangements as a result of the current economic environment."

Humana insured 10.3 million people, 1.2 million fewer than last year. Most of the decline came in the stand alone Medicare Prescription Drug program. Did seniors get pinched in the downdraft and drop coverage or did they switch providers?

Netted out, nearly 3 million fewer Americans were insured by the big five in the second quarter of 2009. That would bring the total of uninsureds to 50 million.

Note: Kaiser Family Foundation did a similar analysis. It was issued 12-9-09.

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