Humana, UnitedHealth fall after CMS expands Medicare Advantage audit

Shares of health insurers are moving lower after the Centers for Medicare and Medicaid Services announced a “significant expansion” of its auditing efforts for Medicare Advantage plans. Beginning immediately, CMS will audit all eligible Medicare Advantage contracts for each payment year in all newly initiated audits and invest additional resources to expedite the completion of audits for payment years 2018 through 2024, the agency said. Shas of Humana (HUM) are down 5% to $233.10 in after-hours trading while UnitedHealth (UNH) is down 4% to $291.60 and CVS Health (CVS) is down 4% to $59.50. Elevance Health (ELV) (ELV( is down 1% to $395.85.