Senate Republicans are proposing cuts to Medicaid for low-income and disabled people that are more aggressive than policies the House passed to help pay for President Trump’s tax package, Rachel Cohrs Zhang of Bloomberg reports, citing people familiar with the legislation. Senate Republicans, however, abandoned efforts to cut costs in Medicare, which is good news for Humana (HUM) and UnitedHealth (UNH), which are major players in the Medicare Advantage insurance market, according to Bloomberg. The Senate plan, to be be released on Monday, solidifies Republicans’ decision to cut funding for Medicaid health insurance for the poor to pay for tax cuts, Bloomberg adds. Publicly traded companies in the space health insurance space include CVS Health (CVS), Centene (CNC), Cigna (CI), Elevance Health (ELV), Humana (HUM), Molina Healthcare (MOH) and UnitedHealth (UNH).
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CI:
- Trump Trade: Tesla bouncing back after $152B in market cap loss amid Musk spat
- Senate Republicans consider Medicare spending cuts, Bloomberg says
- Trump Trade: Trump says Fed ‘must now’ lower rates after jobs report
- Trump conceals Medicaid cuts in effort to pass major tax bill, Bloomberg says
- Cigna Appoints Michael J. Hennigan to Board