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Medicare Advantage Providers Cut Benefits, Force Millions to Switch Plans
Millions of US seniors are facing a health plan shake-up as several large Medicare Advantage providers cut benefits and discontinue some offerings.
The move is in response to rising medical costs and heightened government scrutiny, according to an October 1 report by Bloomberg Terminal.
About 390,000 people will be affected by UnitedHealth Group Inc. plans that are shutting down, a company spokesperson said.
Humana Inc. has announced it will cut plans covering around 600,000 people, while CVS Health Corp.'s Aetna and Centene Corp. are also shrinking their Medicare Advantage options.