(Reuters) -Molina Healthcare on Monday lowered its annual adjusted profit forecast due to medical cost pressures, sending the health insurer’s shares down about 4% in premarket trading.
Higher expenses tied to patient claims in government-backed Medicare plans for older adults and changes in enrollment to Medicaid plans for people with low income have been hurting insurers.
Molina now sees annual adjusted profit per share to be between $21.50 and $22.50, compared with at least $24.50 per share expected previously.
(Reporting by Sriparna Roy in Bengaluru; Editing by Shinjini Ganguli)
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