jetcityimage Shares of health insurers slid Wednesday amid reported remarks made at an investor conference by UnitedHealth Group ( NYSE: UNH ) CEO Andrew Witty about Medicaid state reimbursements. UnitedHealth and Centene ( CNC ) shares were down 4% in late morning trading while shares of Humana ( HUM ) and Elevance ( ELV ) retreated 3%. Molina ( MOH ) shares fell 6%.
Earlier Wednesday, Witty told listeners at the Bernstein 40 th Annual Strategic Decisions Conference that it could be a “multi-quarter cycle” before states begin paying premium rates that adequately cover Medicaid patient costs, Bloomberg reported . “We've come through this very sort of prolonged redetermination cycle in Medicaid, making sure that all of those, the utilization and the rates and everything else stay in perfect synchrony through a multi-quarter cycle. There's probably going to be some disturbance around that,” Witty told listeners, according to Bloomberg.
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