Medicare is a federal health insurance program for people aged 65 and over, certain younger people with disabilities, and those living with End-Stage Renal Disease (ESRD). Medicare Advantage Plans (Part C) are an alternate way to get your Medicare benefits. They provide you with additional benefits beyond Original Medicare, such as prescription drug coverage, vision, hearing, dental, wellness programs, and more. In this blog post, we discuss Medicare Advantage Plans 2024 and what changes to expect.
More Medicare Advantage Plans
Medicare Advantage Plans have been growing in popularity, and the trend is projected to continue. According to the Centers for Medicare & Medicaid Services (CMS), 42% of Medicare beneficiaries are enrolled in an Advantage plan. Beginning in 2022, there will be more options available for consumers in rural areas, where the selection of Advantage plans may be limited. By 2024, there will be even more new Advantage plan options in cities, suburbs, and small towns.
Improved Telehealth Services
Due to the pandemic, telehealth services have become a more common way for seniors to access medical care. Medicare Advantage plans have also adapted to the times by offering telehealth services. By 2024, CMS will expand the telehealth services offered, providing coverage for more medical services and making it easier for seniors to access care from their homes.
Medicare Advantage Plans will have some changes to cost-sharing starting in 2024. Insurers will be able to offer more flexibility in benefits design, allowing them to include lower cost-sharing levels for certain benefits, such as primary care visits and medications used to treat chronic conditions. However, this may mean that consumers could face higher out-of-pocket costs for other benefits. For instance, co-pays for specialist visits, emergency room visits, and hospital stays could be higher.
Emphasis on Chronic Care Management
Chronic care management is another area where Medicare Advantage plans will see some changes by 2024. CMS will introduce a new model for chronic care management by that year, which will have significant benefits to seniors living with chronic illnesses. This new model is designed to increase the focus on providing primary care and care coordination for people with complex chronic conditions, including dementia and Alzheimer’s disease.
Expanded Dental, Vision, and Hearing Benefits
Medicare Advantage Plans will offer expanded dental, vision, and hearing benefits by 2024. CMS will provide Part C plans with more flexibility to offer different plans that cover more benefits. This will benefit seniors with specific medical needs, such as those who need dentures, eyeglasses, or hearing aids. According to CMS, about 75% of Advantage plans currently provide some dental and vision coverage. By 2024, we can expect this to increase significantly, making it easier for seniors to receive the care they need.
Medicare Advantage Plans are an attractive option for seniors who want more comprehensive health coverage. They offer a range of benefits beyond Original Medicare, including prescription drug coverage and wellness programs. Starting in 2022, more Advantage plan options will be available in rural areas, with even more options to come by 2024 in cities, suburbs, and small towns. Seniors can also expect improved telehealth services, lower cost-sharing levels for certain benefits, and more focus on chronic care management, expanding dental, vision, and hearing benefits. It’s important to review the changes and options to choose the best Medicare Advantage Plan for you. So, prepare yourself for Medicare Advantage Changes in 2024 by considering the benefits, costs, and coverage to make the right choice.