Humana exiting employer insurance business within 2 years
LOUISVILLE, Ky. (WAVE) - Louisville-based insurance company Humana announced it is exiting the employer insurance business to focus on other health plan offerings, according to a release.
The company announced it would be exiting the business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, within the next 18 to 24 months.
“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,” Bruce D. Broussard, Humana’s President and Chief Executive Officer said in a release. “We are confident in Humana’s continued success, and our commitment to improving the health of those we serve is unwavering.”
The company said the employer insurance business was not positioned to meet the needs of commercial members or support the company’s plans.
Humana’s focus will be moved to government and specialty businesses and deploying capital into expanding value-based care and the company’s Centerwell healthcare services.
As the business is phased out, Humana said it is working to transition services for members and commercial customers.
Humana said it is unknown how many roles may be affected as the employer insurance business winds down.
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