UnitedHealth's medical costs, its largest expense, jumped to $62.23 billion in the quarter from $53.6 billion at the end of 2022.īut company leaders stressed that the rising costs wouldn't affect their expectations for 2024. “Seniors did really respond strongly to RSV vaccinations and scheduled physician visits,” Chief Financial Officer John Rex said. UnitedHealth also saw claims grow toward the end of the year in part from COVID-19 and because people sought vaccines and had other care addressed when they went to the doctor, company leaders told analysts. The company covers about 7.7 million people with Medicare Advantage plans, which are privately run versions of the government's Medicare program mainly for people age 65 and older. UnitedHealth has said claims jumped from its Medicare Advantage business as more seniors got heart and orthopedic outpatient procedures. Health insurers dealt with rising medical costs for much of last year.
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