Humana's Re-Balancing Act

Is Medicare turning into a bad business for Humana? That surprising question may dog the company heading into 2007-and the answer may be pivotal to the viability of the private insurance-based drug benefit.

Humana Inc.’s dramatic expansion under Medicare has fueled enormous growth at the company, with revenues for the third quarter jumping nearly 50% to $5.65 billion, thanks to soaring membership in Humana’s Medicare Advantage managed care plans—and the more than 3.5 million enrollees in Humana’s brand new stand-alone prescription drug business.

But the company’s success in Medicare is putting it in a bit of a bind. On the one hand, as...

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