As the healthcare industry evolves, Medicare Advantage (MA) continues to gain popularity among seniors. MA plans provide comprehensive benefits that go beyond Original Medicare and can include prescription drug coverage, vision, hearing, dental, wellness programs, and more. With a growing demand for MA, the Centers for Medicare and Medicaid Services (CMS) have announced enhancements for 2024 aimed to improve beneficiaries’ access to care and increase plan options. In this article, we’ll explore the updates and changes that come with Medicare Advantage plans 2024 .
More Choices for Enrollees:
Medicare Advantage plans are expected to offer more choices to beneficiaries in 2024. As CMS improves policies that encourage competition among insurers, more plans will emerge, leading to a wider coverage area for seniors. CMS’ Star Rating System was designed to help seniors make better-informed choices when enrolling in MA. According to the National Committee for Quality Assurance, the average Star Rating is 4.0 stars out of 5.0. A higher score means a better quality of care, and CMS has made it easier to compare plans by making changes to the way plans are displayed.
Better Access to Care:
In 2024, Medicare Advantage plans are required to have a minimum medical loss ratio expectation of 85% rather than 80%. The medical loss ratio is the percentage of premiums contributed towards medical expenses. This increase aims to improve medical spending by giving plans more incentives to spend money on medical expenses. It also means that beneficiaries can expect more coverage for their medical care. Additionally, MA plans that offer telehealth services have surged in popularity over the years, and their use intensified during the pandemic. Starting in 2024, Medicare Advantage plans will be able to provide telehealth services to beneficiaries living in rural areas, even if they don’t offer in-person clinics or services in that area.
Lower Out-of-Pocket Expenses:
In 2024, we can expect to see Medicare Advantage limits out-of-pocket expenses for some benefits, such as insulin. In 2023, a new law will limit the out-of-pocket costs for insulin, but starting in 2024, beneficiaries can expect more plans to offer insulin for free. Roughly 14.3 million Medicare beneficiaries use insulin, and out-of-pocket costs for a year’s supply can be costly. Other out-of-pocket costs are already limited, such as the maximum amount a plan can charge for a Medicare-covered benefit for out-of-network care.
Supplemental Benefits:
CMS has allowed Medicare Advantage to expand its supplemental benefits. In 2024 beneficiaries can choose more benefits, such as therapy for substance abuse, meal delivery programs, or transportation. Gaining coverage for these benefits through Medicare Part B is not easy, and original Medicare doesn’t cover them. In 2024, Medicare Advantage plans are expected to provide more benefits to help seniors maintain their health and well-being.
Conclusion:
The 2024 Medicare Advantage enhancements signal a huge step towards better healthcare for millions of seniors enrolling in MA plans. Increased competition is expected to bring more MA plan options to beneficiaries, which will lead to better access to quality healthcare. Meanwhile, the medical loss ratio increase, insulin cost coverage, telehealth services and expanded supplemental benefits will grant seniors more affordability and greater healthcare resources. Enrollments periods vary depending on state regulations, so it’s essential to keep an eye on changes. Seniors are encouraged to review the options and choose the plan that suits them best. It’s worth noting, however, that not all plans are created equal. Research of a variety of insurance options is necessary to find the best plan to meet your healthcare needs.
