Major U.S. Insurers Cut Medicare Advantage Plans for 1 Million Seniors
Major U.S. health insurers are reducing Medicare Advantage offerings, forcing at least one million seniors to find new health plans due to rising medical costs.
Several major U.S. health insurers are discontinuing or shrinking their Medicare Advantage plan offerings for the upcoming year, a move that will force at least one million seniors to switch their health coverage.
UnitedHealth Group Inc. is shutting down plans that affect approximately 390,000 people, while Humana Inc. is cutting plans covering about 600,000 people. Aetna, a subsidiary of CVS Health Corp., and Centene Corp. are also reducing their available options.
These reductions follow a period of rising medical costs and increased government scrutiny. Insurers are limiting plan availability and cutting benefits to protect profit margins in response to these economic and regulatory pressures.
