CVS 'disappointed' in Medicare Advantage enrollment, plans to increase star rating

CVS Health CEO Karen Lynch said the company is "disappointed" in its recent Medicare Advantage open enrollment numbers. 

In a presentation at the J.P. Morgan Healthcare Conference on Jan. 10, Ms. Lynch said the company, which owns insurer Aetna, grew MA enrollment by the "low to mid single digit percentage range." 

Ms. Lynch said the open enrollment period was "highly competitive." 

Aetna's national PPO MA plan received a 3.5 star rating from CMS in 2023, losing out on eligibility for bonus payments. 

The company has made progress in the last 60 days to diversify the contract, Ms. Lynch said in her presentation. 

"We feel pretty confident about our ability to mitigate some of that risk going into 2024, which is different. We've done a lot of things in 60 days," Ms. Lynch said. 

Ms. Lynch added the company has grown its dual eligible and group Medicare plans and expects to add more growth through the year. 

"I think for individuals, they look at stars, so we're going to work exceptionally hard at making sure we have the right distribution, the right marketing capabilities, the right outreach and the right benefits, because it really all does come right down to the benefits," Ms. Lynch said. 

The company expects to grow its commercial and ACA business in 2023, according to Ms. Lynch's presentation.

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