This year will see the largest ever mass-withdrawal of insurance companies from the Medicare program, affecting an estimated 711,000 beneficiaries. HMO withdrawals in the last two years combined affected 734,000 seniors. Some analysts fear that this year’s attrition may surpass even that.

Aetna, Inc., the largest insurer in the U.S., announced that it will close Medicare HMOs in 23 counties in 11 states, dropping about 355,000 beneficiaries. Cigna Corp., the third-largest U.S. health insurer, also announced that it would end coverage for 104,000 seniors.

According to Karen Ignagni, president of the American Association of Health Plans, "The magnitude of these numbers demonstrates that the funding crisis is an urgent matter that demands immediate attention."