Oz Hearing
Memet Oz, during his confirmation hearing, announced that he intended to push CMS to incentivize technology and reduce spending. Oz noted that CMS should “ensure that Medicare Advantage does not cost more than fee-for-service Medicare” with a particular focus on tackling upcoding in Medicare Advantage. Oz refused to comment on if he’d support cuts to Medicaid. Oz is expected to be confirmed in the coming weeks.
Social Security Changes
The Social Security Administration announced that social security recipients will no longer be allowed to verify their identities over the phone but instead be required to verify their identities in person or via the online portal. This change, combined with other cuts to the SSA could produce reductions in eligibility and payments.
Economy
The Federal Reserve this week announced it would be keeping interest rates steady. This is partly in response to them lowering the forecast on economic growth but increasing their projections on inflation. Overall, the Fed’s expectation is that economic conditions should deteriorate this year.
Cigna/HCSC
Cigna Group finalized its sales of its Medicare health business and medical care provider services for $3.3 billion to Health Care Service Corp. HCSC acquired Cigna’s MA plans, part D plans, supplemental benefits, and CareAllies, a business that helps providers with administrative operations.
