WASHINGTON, DC — Medicare Advantage members are seeing more plan exits and benefit changes as major insurers trim offerings for next year. Humana has said it will leave some Medicare Advantage plans, and UnitedHealthcare has also dropped plans that covered more than 600,000 seniors.
The changes matter because Medicare Advantage now covers more than 35 million people nationwide, and many of those plans bundle extras such as prescription drugs, dental, vision, hearing, and fitness benefits. The next Medicare open enrollment period runs from Oct. 15 to Dec. 7, giving affected people a narrow window to review their options.
What The Cuts Mean
Humana’s latest exit will force more than half a million seniors to find another health plan. The company said the move is tied to high costs and slimmer profit margins in certain markets. It is the second straight year of downsizing for Humana, which exited three states and 194 counties this year and affected about 500,000 members.
Insurers are not abandoning Medicare Advantage altogether. Instead, they are dropping markets or plans that are less profitable, while leaving other offerings in place. KFF found that in Wyoming, South Dakota, New Hampshire, North Dakota, and Vermont, 60% or more of enrollees faced terminated plans this year…