Health Insurers Slammed After UnitedHealth Says More Surgeries Are Increasing Costs
UnitedHealth's shares closed down 6.4 percent following its remarks
Health insurer stocks dropped sharply on Wednesday after UnitedHealth Group said its costs were on the rise due to an increase in surgeries among older adults.
Shares of UnitedHealth, the largest U.S. healthcare provider by market value, closed down 6.4 percent at $459.86, wiping out roughly $29 billion from the industry bellwether's market capitalization.
Medicare-focused insurer Humana closed about 11 percent down, and a broader index of managed care providers closed 6.9 percent lower.
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