Humana Bruce Broussard 12-11-19

Humana CEO Bruce Broussard talks about the strength of Humana's late co-founder David A. Jones, Sr., pictured behind him, during an event honoring the late Jones, who died early in 2019. Dec. 11, 2019 (Matt Stone of Louisville Courier-Journal via pool)

LOUISVILLE, Ky. (WDRB) – Shares of Louisville-based Humana Inc. have surged this week following a report that Congressional leaders have reached a deal to repeal an Obamacare tax that is set to cost the company more than $1 billion in 2020.

Humana stock closed at $367.55 on the New York Stock Exchange on Wednesday, an all-time high. The stock surge gives the company a market value of about $49 billion.

Politico reported that the health insurance industry fee, or HIF, is set to be repealed as part of $1.4 trillion spending plan for fiscal 2020.

Humana has said the tax would cost the company $1.2 billion in 2020 and cited it as one justification for laying off about 800 people, or 2% of its nationwide workforce, in October.

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2019 WDRB Media. All rights reserved.