Steve Ringel, CareSource’s Ohio market president, said the company expects the increase to go back down.
“It’s already starting to slow and we anticipate by late this year, early next year, it will start returning to normal levels,” Ringel said.
The Dayton-based insurance company, which is one of the largest local employers, recorded $4.8 billion in revenue for that line of business and a net income of $107.6 million for the first half of the year, according to Baumgarten.
Ringel said these numbers are incomplete and should change after calculating more insurance claims that come in and are paid out for care provided the first half of the year.
The state also changed CareSource’s payment rate earlier this year, Ringel noted. People sought less health care during the stay-at-home order and so, with insurance companies paying out less money on claims, Ohio Medicaid cut the rate it pays CareSource.
By the numbers
7.5%: CareSource growth in covered Ohio Medicaid covered families and children for first half of 2020
9.1%: Ohio Medicaid total growth in covered families and children
2.5 million: Total Ohio Medicaid covered families and children