TAMPA, Fla. (AP) — WellCare Health Plans Inc.'s fourth-quarter earnings fell 43 percent as rising medical costs outpaced revenue gains. But analysts had predicted worse, and the health insurer said it received a rate hike from Kentucky, a state where it has struggled with expenses.
Shares soared 12 percent in Wednesday morning trading.
WellCare mostly administers the state and federally funded Medicaid program, which provides coverage for poor and disabled people. It also sells Medicare prescription drug coverage and Medicare Advantage plans, which are privately run versions of the government's Medicare program for elderly and disabled people.
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