Molina Healthcare lowers annual profit forecast as medical costs weigh

(Reuters) -Molina Healthcare on Wednesday cut its annual profit forecast anticipating higher medical care costs to weigh on its results for the rest of the year.

Shares of the health insurer were down more than 15% in extended trading.

Higher expenses tied to patient claims in government-backed Medicare plans for older adults and changes in enrollment to Medicaid plans for people with low income have been hurting insurers.

Molina expects adjusted profit of about $14.00 per share for the year, compared to its prior expectations of at least $19.00 per share.

(Reporting by Kamal Choudhury in Bengaluru; Editing by Alan Barona)