Health insurers Cigna (NYSE: CI), CVS Health (NYSE: CVS), Humana (NYSE: HUM), and Centene (NYSE: CNC) on Tuesday released details on their government-backed health insurance plans for next year for people aged 65 and above.
The announcements come ahead of the beginning of enrollment for Medicare Advantage plans on October 15, which will continue through December 7.
Private insurers offer Medicare Advantage plans and receive a set rate from the U.S. government to manage healthcare for older people seeking extra benefits not covered by regular Medicare.
Cigna (NYSE: CI) said it will offer some prescription drug plans with low premiums that will help save costs.
CVS’ health insurance unit Aetna estimates 83% of Medicare-eligible beneficiaries in the United States will have access to a $0 monthly premium plan.
Humana (NYSE: HUM), which has 793 individual Medicare Advantage plans across the country for next year, said all plans that provide coverage for prescription drugs will see some benefit enhancements in 2025 under the Inflation Reduction Act.
The health insurers will also offer special needs plans, where individuals are enrolled under Medicare and receive assistance from Medicaid that covers medical expenses for people with low income.
The companies will provide dental, hearing, and vision coverage as well.
Centene (NYSE: CNC) said it will offer a $0 copay for primary care physician visits on all plans and for certain drugs at preferred pharmacies for most plans.
Medicare Advantage plan enrollment is projected to grow to 35.7 million people in 2025, the Centers for Medicare and Medicaid Services said on Friday.
UnitedHealth’s (NYSE: UNH) unit said it will introduce 140 new plans for 2025.
The unit, UnitedHealthcare, will expand certain plans to help lower the cost of care for people managing chronic conditions.
Medicare Advantage plan enrollment is projected to grow to 35.7 million people in 2025, the Centers for Medicare and Medicaid Services said on Friday.
(Source: Reuters)
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