Stocks
Millions of Seniors Face Health Plan Changes Amid Rising Costs
Millions of US seniors will face changes to their health insurance next year as top Medicare Advantage providers cut benefits and discontinue some offerings.
The decision by companies such as UnitedHealth Group Inc., Humana Inc., CVS Health Corp.'s Aetna, and Centene Corp. is in response to rising medical costs and increased government scrutiny.
According to Wall Street analysts who reviewed government data published this week, at least 390,000 people are part of UnitedHealth Group Inc. plans that will be shutting down.
Humana Inc. has said it will cut plans covering about 600,000 people, while CVS Health Corp.'s Aetna and Centene Corp. are also shrinking their Medicare Advantage options.