Four of the country's six major payers reported year-over-year increases in medical cost ratios.
CVS Health reported the highest medical loss ratio in the first months of 2024; it rose 5.8 percentage points year over year to 90.4%.
Increased inpatient costs related to respiratory syncytial virus and other seasonal admissions drove rising spending in the quarter, CVS executives said. Outpatient services, including mental health and pharmacy, and dental spending also contributed to the costs.
Here is how payers compared on medical cost ratios in the first quarter of 2024:
Q1 2024: 90.4%
Q1 2023: 84.6%
Q1 2024: 88.9%
Q1 2023: 85.9%
Q1 2024: 87.1%
Q1 2023: 87%
Q1 2024: 85.6%
Q1 2023: 85.8%
Q1 2024: 84.3%
Q1 2023: 82.2%
Q1 2024: 79.9%
Q1 2023: 81.3%