UnitedHealth's total expenses have grown from $125 billion in 2014 to about $214 billion in 2018.
For 2020, we expect total expenses to be around $247 billion, which comprises of
1) Operating Expenses: $241 billion
2) Non-Operating Expense: $2 billion
3) Income Taxes: $4 billion
Below, we take a look at how the company's key expense components have trended and the key reasons for the change.