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Health insurance stocks slide after UnitedHealth warns more surgeries will drive up medical costs

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Shares of UnitedHealth, Humana, Elevance Health and CVS Health all declined, while medical device manufacturers and hospital operators edged higher.

Insurance companies have benefitted in recent years from a delay in non-urgent procedures due to

and the pandemic, which saw hospitals inundated with Covid patients and widely seen as too risky to enter for elective procedures.The company has recorded "strong outpatient care activity" throughout April, May and the early part of June, CFO John Rex said at a Goldman Sachs healthcare conference. Most of the uptick in care has come from Medicare enrollees who are getting heart procedures and hip and knee replacements at outpatient clinics, according to Rex.

UnitedHealth CEO Timothy Noel said that older adults covered under Medicare are getting "more comfortable accessing services for things that they might have pushed off a bit." Rex said the amount of premium revenue spent on care for the second quarter may be at the high end or "moderately above" expectations due to the increase in procedures.

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