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CVS Health is preparing to make significant changes to its 2025 Medicare Advantage plans, which could potentially drive away 10% of its membership, the company’s chief financial officer said at an investment banking conference Tuesday.

“The goal for next year is margin over membership,” CVS CFO Tom Cowhey said at the conference, hosted by Bank of America. “Could we lose up to 10% of our existing Medicare members next year? That’s entirely possible. And that’s OK, because we need to get this business back on track.”


CVS, through its Aetna subsidiary, is the third-largest Medicare Advantage insurer, with more than 4.2 million enrollees as of April, according to the latest federal data. That means next year CVS could push out up to 420,000 older adults and people with disabilities on its Medicare Advantage plans, forcing them to choose another plan.

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