Medicare Advantage plans are shrinking.
Last month, Humana (HUM) announced that it will exit some Medicare Advantage plans for next year, forcing more than half a million seniors to find a new health plan.
The reason for the coverage cutback: high costs and slimmer profit margins in certain markets, according to Humana CFO Celeste Mellet.
It's the second year in a row of plan downsizing for Humana. This year, the company exited three states and 194 counties, affecting around 500,000 members. UnitedHealthcare (UNH) also jettisoned Medicare Advantage plans that served more than 600,000 seniors.
According to KFF research, the percentage of Medicare Advantage enrollees who faced terminated plans this year reached 60% or higher in Wyoming, South Dakota, New Hampshire, North Dakota, and Vermont.
#according
Last month, Humana (HUM) announced that it will exit some Medicare Advantage plans for next year, forcing more than half a million seniors to find a new health plan.
The reason for the coverage cutback: high costs and slimmer profit margins in certain markets, according to Humana CFO Celeste Mellet.
It's the second year in a row of plan downsizing for Humana. This year, the company exited three states and 194 counties, affecting around 500,000 members. UnitedHealthcare (UNH) also jettisoned Medicare Advantage plans that served more than 600,000 seniors.
According to KFF research, the percentage of Medicare Advantage enrollees who faced terminated plans this year reached 60% or higher in Wyoming, South Dakota, New Hampshire, North Dakota, and Vermont.
#according
16 days ago
