Centene Corp announced it would be ending its Medicare Advantage plans in at least six states this year as the company faces cost pressures.
Almost 40,000 seniors will be forced to change Medicare Advantage plans after yet another insurer decides to exit markets over cost concerns.The Centers for Medicare & Medicaid Services has made several cuts to its rates, causing many insurers to adjust their plan coverage or leave certain markets altogether.For Centene, Medicare Advantage members will need to find new plans come 2025 in Alabama, Massachusetts, New Hampshire, Rhode Island, New Mexico and Vermont.
The market exit occurs as several other insurers have announced similar plans.Many insurers are having to cut corners and leave certain regions. CMS is implementing a $16 billion uptick to MA payments and core rates remain low, chipping into companies' bottom lines.Humana announced earlier this year it would be leaving specific markets in 2025 as well. The company expects to lose a few hundred thousand customers due to this change but hopes to boost profits by leaving certain regions.
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