WellCare income drops

WellCare Health Plans Inc., Florida's largest provider of managed healthcare for the poor, expects its net income to drop substantially in the first nine months of 2008 because its increased enrollment hasn't offset added medical benefits costs. As of Sept. 30, WellCare's total membership was 2.5 million, an 8% increase from membership of 2.3 million on the same day a year earlier. The membership gain is expected to boost revenue, but that likely would be offset by an increase in the cost of providing medical benefits.