Susan Diamond: Yes. So in terms of the IRA impacts and our thinking on stand-alone Part D, your first question around PDP conversions, I would say we continue to see a disproportionate opportunity to capture movement from Humana PDP members to Humana MA. For those members that choose to convert to MA, and we have visibility, right, in terms of any MA offering they choose. We tend to get a higher market share of those individuals that are making that decision than we do in just the overall individual MA space. So that continues to be very positive. The absolute volume is somewhat lower just because of the overall lower membership growth that we’re seeing this year, but that sort of advantage continues to hold as we’ve seen in the past.
As we think about our stand-alone Part D strategy for ’25, I would say we’re very oriented to risk mitigation, just given the magnitude of the changes and the sensitivity that you will have in terms of the profitability of underlying membership based on sort of the level of utilization and specialty utilizers in particular. Given how our plans are positioned today and the limitation of only having 3 plans, which we have in market today, our goal will be to minimize sort of any risk inherent in our offerings and take probably a more cautious approach to see how the industry ultimately responds to the IRA changes, how the business, the health plan performs in light of those changes and then reassess frankly, for 2026. As we suggested, it is — we will see some larger premium increases for sure on some Part D plans, while others may have less so depending on their mix.
And so that could drive some opportunity, as we said, for MA, and that’s something we’ll continue to evaluate. So that’s how we’re thinking about 2025, just given the level of changes and I’d say a lot for the industry to learn as we navigate through it. And I can’t remember if there was one final question at the end that I didn’t address. Did I cover everything?
Lisa Gill: Just, will it be a separate press release around your bid strategy? Or is that something that you’ll update on Q2?
Susan Diamond: Yes. I would imagine we will likely do that on the second quarter call. I don’t know if we’re scheduled at any conferences in between. My guess is, no. But my guess is it would be the second quarter call.
Bruce Broussard: Well, thank you for your time and interest today. In closing, I would reiterate that Humana had a solid start to 2024. And while we acknowledge that the entire MA industry is navigating a difficult near-term environment, we continue to believe the strong fundamentals and growth outlook of MA and value-based care remain intact and the strength and scale of our platform and differentiated capabilities will allow us to effectively manage through the uncertainty, compete effectively and deliver compelling shareholder returns over the long term. We appreciate your continued support and look forward to providing updates on our performance and outlook throughout the year. Have a great day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
