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twitterLV insurer’s stock pounded
Friday, Sept. 21, 2001 | 11:01 a.m.
The stock of Sierra Health Services Inc. of Las Vegas, the largest health insurer in Nevada, fell 16 percent to $7.10 Wednesday after the company said it will close its big money-losing Medicare health maintenance organization in the Dallas-Fort Worth area due to inadequate federal funding. The stock fell another 25 cents Thursday.
The HMO move affects about 14,000 consumers in the Dallas area.
"The magnitude of expected losses going forward leaves us no other option," said David Marlon, president of Sierra's Texas Health Choice, the Dallas Morning News reported.
He noted that federal reimbursements amounted to 85 cents on the dollar.
Medical coverage for the elderly, whose bills can spiral as they age, has been a vexing problem in the United States. Seniors often choose Medicare HMOs because they pay for prescription drugs, vision services and dental care that are not covered by traditional Medicare.
Sierra will continue offering its Medicare HMO in Las Vegas.
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