A Goldman Sachs analyst says forecasts for some health insurer earnings per share next year could slide as much as 10 percent if steep Medicare Advantage funding cuts materialize.

Analyst Matthew Borsch said in a Wednesday morning research note that insurers like Humana Inc. and Universal American Corp. face the most exposure to potential cuts. Medicare Advantage makes up a higher proportion of total enrollment for those insurers compared to other companies in the sector.

Borsch said forecasts for other insurers like UnitedHealth Group Inc., Health Net Inc. and WellCare Health Plans Inc. could drop 5 percent.

The analyst said earnings from just the Medicare Advantage portion of public companies could sink as much as 25 percent, even after insurers try to balance funding cuts by chopping member benefits or operating costs.

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