Humana to exit employer group commercial medical products business
Humana has announced that it will exit the employer group commercial medical products business, which includes all fully insured, self-funded and federal employee health benefit medical plans, as well as associated wellness and rewards programs.
No other Humana health plan offerings will be materially affected, the company said. Humana said that it remains committed to the long-term growth of its core insurance lines of business, including Medicare Advantage, group Medicare, Medicare Supplement, Medicare prescription drug plans, Medicaid, military and specialty, and its CenterWell healthcare services business.
Humana said that a strategic review determined that the employer group commercial medical products business was “no longer positioned to sustainably meet the needs of commercial members over the long term or support the company’s long-term strategic plans.”
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Humana’s exit from the business will be phased in over the next 18 to 24 months. The company said it is committed to ensuring a smooth transition of services for members and commercial customers.
“This decision enables Humana to focus resources on our greatest opportunities for growth and where we can deliver industry-leading value for our members and customers,” said Bruce D. Broussard, president and CEO of Humana. “It is in line with the company’s strategy to focus our health plan offerings primarily on government-funded programs (Medicare, Medicaid and military) and specialty business, while advancing our leadership position in integrated value-based care and expanding our CenterWell healthcare services capabilities. We are confident in Humana’s continued success, and our commitment to improving the health of those we serve is unwavering.”
Humana is one of the 10 largest health insurance providers in the nation.
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