Major Insurers Cut Medicare Advantage Plans

Millions of seniors will face the loss of their Medicare Advantage plans due to significant cuts by major insurers following the Inflation Reduction Act (IRA), which has pressured providers by lowering reimbursement rates. Insurers such as Humana, Moda Health, and Centene Corp are pulling out of several markets, affecting over 560,000 members across various states, including Oregon, where more than 12,000 seniors must seek new coverage options. With the open enrollment period from October 15 to December 7, beneficiaries are urged to carefully review their options and avoid relying on automatic renewals, which may not align with their current healthcare needs. Experts emphasize the importance of understanding the complexity of Medicare choices and suggest consulting unbiased resources for guidance. As the Medicare landscape changes, beneficiaries are at a higher risk of making costly mistakes without proper information. This situation highlights the critical need for seniors to assess their plans and make informed decisions during the enrollment window.