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Humana (HUM) Offers Medicare Advantage Health Plans for 2021

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Humana Inc. (HUM - Free Report) recently announced an array of 2021 Medicare product offerings, such as Medicare Advantage and Prescription Drug Plans, etc. Beneficiaries will now be able to choose from 69 new MAPD plans across various additional counties.

The health insurance giant will provide people under Medicare coverage with Humana Honor Medicare Advantage plans and even dispense the required health coverage to veterans for the second consecutive year.

The company explored new locations for 2021 and even enabled safe enrolment for the beneficiaries. It should be noted that the plans are now recommended by the USAA, which is a leader in customer satisfaction.

To remain committed to serving its members with better healthcare amid the COVID-19 pandemic, the company expanded its online and telephonic enrollment capabilities. People qualified for Medicare now has access to connect to Humana brokers and sales agents via telephonic appointments. This way, they will be able to choose the best plan that will cater to their needs.

Some Other Details of the Plans

The health insurer announced different programs related to the Humana’s 2021 Medicare Advantage and Prescription Drug plans, such as $0 copayments for primary care, urgent care or outpatient behavioral health. People will have $0 copays for COVID-19 testing along with a Health Essentials Kit.

MAPD members diagnosed with COVID-19 will have access to $0 copay for the treatment and also get 14 days of home-delivered meals. Humana Honor catering to military veterans is expanding into 46 states, up from 27 in 2020.

Among other features added to the offerings, Humana will boost its HMO proposals in 125 new counties during 2021 as well as launch LPPO plans in 98 new counties. Notably, Humana MA members will have access to Go365, which is a health and wellness program. It gives rewards to users for the betterment of health behaviors.

Qualified Humana MA members will also have access to their own personal care manager through Humana at Home.

Humana PDP will offer enhancements to its present three plans. For next year, it will provide a co-branded prescription drug plan with Walmart and Sam’s Club pharmacies called Humana Walmart Value Rx.

The company will also offer the Humana Premier Rx and Humana Basic Rx stand-alone prescription drug plans nationally.

As of Jun 30, 2020, Humana served 8.4 million Medicare members across all 50 states, Washington, DC and Puerto Rico. 4.5 million members are enrolled in a Medicare Advantage plan.

Humana’s Medicare business has been performing strongly from past many quarters. This is evident from 54% Medicare membership growth from 2013 to 2018. Although the same dipped 1% in 2019, Individual Medicare membership rose 17.1% year over year in the same time frame, which is a positive. The full-year individual Medicare Advantage membership is now anticipated to be around 330,000-360,000 members, up from the earlier projected range of 300,000-350,000 members. Over the past decade, the company saw maximum growth in Individual Medicare Advantage during 2019, which is pretty impressive.

We hope that all these initiatives poise the company well for growth as well as provide members with better health outcomes.

Other insurers, such as UnitedHealth Group Incorporated (UNH - Free Report) and Cigna Corporation (CI - Free Report) also rolled out their 2021 Medicare Advantage plans recently.

Shares of this currently Zacks Rank #2 (Buy) company have gained 61% in a year’s time, outperforming its industry’s growth of 31.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Stock to Consider

Investors interested in the same space can also take a look at another top-ranked stock like The Joint Corp. (JYNT - Free Report) , presently holding the same Zacks Rank as Humana. The company’s earnings managed to surpass estimates in three of the trailing four quarters (while missing the mark in one), the average surprise being 37.1%.

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