(Bloomberg) -- CVS Health Corp. may lose a big chunk of members in its Aetna Medicare Advantage plans next year as the insurer attempts to boost profits in its insurance plans.

The company could see as much as a 10% decline in its Medicare membership, Chief Financial Officer Tom Cowhey said at a conference Tuesday. “It’s entirely possible, and that’s OK because we need to get this business back on track,” Cowhey said.

CVS shares have dropped almost 30% this year as rising medical expenses outpaced the money it brings in from premiums, squeezing profits. The company has said it will prioritize recovering profit margins over expanding membership in its Medicare business next year. That means reducing benefits for members, including popular offerings that attract seniors to the private Medicare plans.

Cowhey said the company might pull back on offerings like fitness programs, money for over-the-counter health products and transportation assistance. CVS had 4.2 million Medicare Advantage members as of March 31, according to a filing, an increase of more than 700,000 members compared to the end of 2023.

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