We reported on June 26th that United Healthcare and Humana were planning a $5.5B merger in the fall of 2023. We originally assumed this would impact the Medicare Advantage portion of each plan’s business. However, we have since heard from a Humana representative that the merger is limited to the commercial insurance business only. This information is consistent with other reports that Humana planned to exit its “employer group commercial medical products business” no later than fall 2024 and focus its efforts on government-sponsored health programs like Medicare and Medicaid.