UNITEDHEALTH GROUP INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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4. Medical Costs Payable
- Medical Costs Payable
The following table shows the components of the change in medical costs payable for the three months ended March 31:
| (in millions) | 2024 | 2023 |
|---|---|---|
| Medical costs payable, beginning of period | $32,395 | $29,056 |
| Acquisitions (dispositions), net | (687) | 1 |
| Reported medical costs: | ||
| Current year | 66,045 | 60,315 |
| Prior years | (310) | (470) |
| Total reported medical costs | 65,735 | 59,845 |
| Medical payments: | ||
| Payments for current year | (38,652) | (35,087) |
| Payments for prior years | (24,759) | (22,006) |
| Total medical payments | (63,411) | (57,093) |
| Medical costs payable, end of period | $34,032 | $31,809 |
For the three months ended March 31, 2024 and 2023, prior years’ medical cost reserve development included no individual factors that were significant. Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $25.3 billion and $22.3 billion at March 31, 2024 and December 31, 2023, respectively.
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