Millions of seniors will lose access to their Medicare Advantage plans after major insurer cuts in the aftermath of the Inflation Reduction Act. Experts spoke with Newsweek about what's going on and what steps seniors can take to get the coverage they need.
Medicare Advantage is the privatized version of Medicare, and seniors can typically get a myriad of benefits from such plans, including lower monthly premiums and extra vision and dental coverage.
However, millions of seniors have been told they'll need to find new plans this fall after private insurers cut several plans amid changes under the Inflation Reduction Act (IRA).
"Insurers are finding it difficult to offer the same plans when reimbursement rates do not cover the increased cost of care," Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek.
"The IRA put pressure on providers by lowering their reimbursement rates which has led insurers to pull out of markets they feel are no longer economically feasible by which to operate."
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