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Medical Costs Payable (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table shows the components of the change in medical costs payable for the three months ended March 31:

(in millions)						2021						2020
Medical costs payable, beginning of period						$	21,872					$	21,690
Acquisitions						12						—
Reported medical costs:
Current year						45,914						41,580
Prior years						(1,010)						(580)
Total reported medical costs						44,904						41,000
Medical payments:
Payments for current year						(25,960)						(23,471)
Payments for prior years						(15,995)						(16,447)
Total medical payments						(41,955)						(39,918)
Medical costs payable, end of period						$	24,833					$	22,772

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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