List Of Health Insurance Companies In Missouri - 2020 business tax returns are now available. It was a very strong year for the five largest health care companies in the Medicaid managed care market; Aetna/CVS Health; Anthem; Centene; Molina; and UnitedHealthcare. Each company saw an increase in Medicaid enrollment between December 2019 and December 2020; Overall, their Medicaid enrollment increased by 32%. We believe Medicaid revenues also increased, but not all companies reported these numbers. We also cannot say whether Medicaid revenues have increased and, if so, by how much. But neither company has told its investors that they plan to exit the Medicaid market anytime soon. The opposite. many expect further growth in Medicaid enrollment and revenue in 2021.
Why is this important? Together, these five companies owned 112 of the 281 Medicaid managed care organizations (MCOs) that states contracted with as of September 2020. Each company had subsidiaries in more than 12 different states. And at the end of 2020, according to the parent company, these MCOs were responsible for providing essential health care services to more than 35 million Medicaid recipients. The company's enrollment figures are not broken down by age, but assuming children are enrolled in Medicaid in proportion to their enrollment, these MCOs cover approximately 14 million or more children. If Medicaid is to work for children and families, these companies and the other MCOs they compete with must do well.
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There is little doubt about their financial performance last year. Across all health insurance markets -- commercial, Medicare Advantage, Medicare Part D, Marketplaces and Medicaid -- companies reported "operating profit" / "profit" from "operations" / "operating profit" totaling $28.1 billion with a "b". Each is part of the FORTUNE 500, and four appeared in the top 100 in 2020: CVS Health (5), UnitedHealth Group (7), Anthem (29) and Centene (42). Below is a brief summary of each company's 2020 results, taken from the most recent earnings report. Market cap figures are current as of February 22, 2021.
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Aetna/CVSHealth ($91.8 billion market cap) CVS Health includes three segments: The health benefits segment includes Aetna, which CVS Health acquired in 2018. Operating profit for this segment was $5.2 billion in 2020 on total revenues of $75.5 billion. The company had 2.7 million Medicaid members, 12% of its 23.4 million workforce. Medicaid enrollment increased by 39%, or 767,000 beneficiaries, over the year. The income statement does not provide any Medicaid-specific income or operating income information.
Anthem, Inc. ($72.2 billion market cap) Anthem posted an operating profit of $6.4 billion on total revenue of $121.9 billion. Its Medicaid enrollment was 8.8 million, or 21% of its 42.9 million total enrollees. The company noted. "Over the past year, public carrier enrollment increased by 1.9 million Medicaid-related lives, reflecting organic growth resulting from the temporary suspension of re-eligibility efforts in our markets, as well as the acquisition of Medicaid programs in Missouri and Nebraska." and the growth of Medicare Advantage. (Of that increase, Medicaid enrollment accounted for 1.6 million).
Centene (market cap $33.8 billion). Centene's operating profit was $3.1 billion on total revenue of $111.1 billion. Medicaid enrollment was 13.6 million, about half of the 25.5 million total enrollees. Medicaid revenue was $74.8 billion, or two-thirds of Centene's total revenue. Medicaid enrollments and revenues up in 2020; enrollment is 4.9 million or 56.7%; the income was $22.9 billion or 44%. The company attributed the overall revenue increase to “the acquisition of WellCare and growth in the Medicaid and Health Insurance Marketplace businesses driven by expansions and new programs in multiple states. In addition, the net impact of the pandemic increased our revenue due to the suspension of new Medicaid eligibility determinations.
Molina ($12.9 billion market cap) Molina reported operating profit of $1.1 billion on total revenue of $19.4 billion. The company had 3.6 million Medicaid members, accounting for 89% of its 4.0 million total enrollees. Medicaid revenue was $14.3 billion, more than three-quarters of total revenue. The company saw growth in both Medicaid enrollees (up 22%) and revenue (up 14%) year-over-year. Molina also reported an MCR (medical cost as a percentage of premium revenue) of 87.4% for its Medicaid business; None of the other societies were so open.
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UnitedHealth Group ($308.6 billion market cap) UnitedHealth Group has two reportable business segments: UnitedHealthcare and Optum. The following results relate to the healthcare delivery segment, UnitedHealthcare. Its operating profit was $12.4 billion, or 6.2 percent, on revenue of $200.9 billion. Medicaid enrollment was 6.6 million, or 14% of UnitedHealthcare's total enrollment of 48.4 million. Community and state revenue, which includes Medicaid revenue, was $46.5 billion, an increase of $2.7 billion from 2019. "Medicaid growth is expected, with new market entries from Kentucky, Indiana and North Carolina, as well as a strong pipeline of offerings." both existing and new states" in 2021.
The company's tax filings provide only a limited window into their Medicaid business lines. Some don't even qualify for Medicaid income. And neither reports Medicaid operating income, so it's impossible to tell from this data how profitable (or not) their Medicaid products are. The table below shows what little information is available from tax returns, along with data from the Kaiser Family Foundation's indispensable Medicaid Managed Care Market Tracker.
Although the information on tax returns is sketchy, one pattern stands out loud and clear. Despite, and in part because of, the downturn caused by the pandemic, each company saw significant growth in Medicaid enrollment in 2020. As several companies have noted, a major contributing factor has been the ban on ending coverage for Medicaid beneficiaries during the coronavirus public health emergency. (PHE). By curtailing the right of limitation, this ban, combined with an increase in the number of Americans eligible for Medicaid due to job losses, had the effect of increasing Medicaid enrollment in every state; in managed care states, this meant an increase in MCO enrollment.
The Biden administration has already informed governors that PHE "will likely remain in place through 2021." The Congressional Budget Office has forecast that the unemployment rate will average 5.7% this year (last month's unemployment rate was 6.3%). As a result, Medicaid enrollment will likely increase in many, if not all, states where these companies have MCOs. This, in turn, could lead to further revenue growth for these companies as well as other competitors in the Medicaid managed care market.
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The Big Five obviously know how to make money. And they know how to increase their Medicaid market share. But do their MCOs know how to deliver care to children and families?
It's hard to say: Not only is there little transparency about the financial performance of these companies' Medicaid businesses, see chart above, but there is also little transparency about the performance of their MCOs. This is a failure of public policy, but it can be fixed.
State-level agencies should monitor the financial performance of all MCCs, not just the Big Five affiliates, and publish the results. They should also set up child health panels. At the federal level, CMS must ensure that states and MCOs comply with existing transparency requirements. And at the corporate level, management must recognize that a lot is expected of those who are entrusted with large amounts of public funds and a large number of program beneficiaries, starting with transparency. Allstate offers the cheapest homeowners insurance in Missouri. The policy costs $896 per year or $75 per month.
The best home insurance policy is one that strikes the right balance between affordability, reliability and coverage. To help Missouri homeowners find the best homeowners insurance, we've collected hundreds of quotes from across the state and ranked the top Missouri homeowners insurance providers.
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Allstate has the cheapest average price for homeowners insurance in all of Missouri, with an annual rate of just $896 per year.
We've collected thousands of home insurance quotes in Missouri to find out which insurance company offers the lowest price in the state.
The average cost of home insurance in Missouri is $1,492 per year. That's $3 less than the national average per year.
Missouri homeowners should also consider comparing quotes nationwide. The company's policy costs just $6 more per month than a policy from Allstate, the cheapest insurer.
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We did a thorough study of the major Missouri homeowners insurance companies, analyzing their rates, coverage options, customer service, and more to find the best Missouri homeowners insurance company for a variety of needs.
We recommend Allstate to Missouri homeowners focused on finding the best home insurance rates. Allstate offers an average annual cost of $896 in Missouri. That's 40% cheaper than the national average.
Allstate also offers its customers a good package of home and auto insurance. The company says customers can save up to 25% by bundling their policies.
However, Allstate's customer service is not as good as other Missouri insurers. It has a complaint index of 3.07
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