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Older adults are finally catching up on delayed surgeries. That means pain for health insurers, gains for hospital operators.

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Older adults are finally catching up on surgeries for problems with their knees and hips they delayed during the pandemic. That means higher costs for health insurers and potential gains for hospital and surgical-center operators.

The trend was revealed by executives at Dow DJIA component UnitedHealth Group Inc. UNH at a Goldman Sachs investor conference held on Tuesday. The revelation dented UnitedHealth shares by 5.6% in premarket trade, while shares of rivals also saw steep declines. Humana Inc. shares dropped 8% premarket,…

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