The cuts will mean turmoil and confusion for many beneficiaries, as well as the risk of higher premiums, fewer benefits or both.

Humana shares slid after the health insurer said it expects Medicare Advantage memberships to decline in 2025 before the market opened Tuesday.

Humana Inc. forecast 2025 profit that fell short of Wall Street’s expectations, as the company said it will invest heavily in improving quality in its Medicare Advantage plans, its biggest business.