(Reuters) – CVS Health (NYSE:) and Cigna (NYSE:) on Tuesday released details on next year’s government-backed health insurance plans for people 65 and older, saying some members will pay a $0 monthly premium for drugs. described.
These announcements come ahead of the start of enrollment in Medicare Advantage plans on October 15, which will continue until December 7.
Medicare Advantage plans are offered by private insurance companies to which the government pays a set price to manage health care for older Americans who are looking for additional benefits not covered by regular Medicare coverage.
Cigna said it will offer some prescription drug plans with lower premiums, which will help save costs.
CVS Aetna’s health insurance unit estimates that 83% of Medicare-eligible beneficiaries in the United States will have access to a $0 monthly premium plan.
Both Cigna and CVS will also offer special needs plans, where individuals are enrolled in Medicare and receive assistance from Medicaid that covers medical expenses for low-income people.
The companies will also provide dental, hearing and vision coverage.
The number of Medicare Advantage plan enrollees is expected to grow to 35.7 million people in 2025, the Centers for Medicare and Medicaid Services said Friday.