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BENEFITS PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Schedule of Activity in Benefits Payable | On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the years ended December 31, 2023, 2022 and 2021:
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Balances at January 1 |  | $ | 9,264 |  |  | $ | 8,289 |  |  | $ | 8,143 |
Acquisitions |  | 62 |  |  | — |  |  | 42 |
Incurred related to: |  |  |  |  |  |
Current year |  | 89,266 |  |  | 76,105 |  |  | 70,024 |
Prior years |  | (872) |  |  | (415) |  |  | (825) |
Total incurred |  | 88,394 |  |  | 75,690 |  |  | 69,199 |
Paid related to: |  |  |  |  |  |
Current year |  | (79,545) |  |  | (67,287) |  |  | (62,149) |
Prior years |  | (7,934) |  |  | (7,428) |  |  | (6,946) |
Total paid |  | (87,479) |  |  | (74,715) |  |  | (69,095) |
Balances at December 31 |  | $ | 10,241 |  |  | $ | 9,264 |  |  | $ | 8,289 |
Schedule of Incurred and Paid Claims Development | The following tables provide information about incurred and paid claims development as of December 31, 2023, net of reinsurance.
|  | Incurred Claims, Net of Reinsurance |  |
|  | For the Years Ended December 31, |  |  |  |
Claims Incurred Year |  | 2021 Unaudited |  | 2022 Unaudited |  | 2023 |  |
|  | (in millions) |  |  |  |
2021 & Prior |  | $ | 70,066 |  |  | $ | 69,698 |  |  | $ | 69,484 |  |  |  |  |
2022 |  |  |  | 76,105 |  |  | 75,447 |  |  |  |  |
2023 |  |  |  |  |  | 89,328 |  |  |  |  |
Total |  |  |  |  |  | $ | 234,259 |  |  |  |  |
|  | Cumulative Paid Claims, Net of Reinsurance
|  | For the Years Ended December 31,
Claims Incurred Year |  | 2021 Unaudited |  | 2022 Unaudited |  | 2023
|  | (in millions)
2021 & Prior |  | $ | 62,149 |  |  | $ | 69,252 |  |  | $ | 69,484 |
2022 |  |  |  | 67,287 |  |  | 74,989 |
2023 |  |  |  |  |  | 79,545 |
Total |  |  |  |  |  | 224,018 |
All outstanding benefit liabilities before 2021, net of reinsurance |  | N/A
Benefits payable, net of reinsurance |  | $ | 10,241 |

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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- Definition Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 4B -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-4B + Details
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