As we grow older, we tend to require more healthcare services to maintain our well-being. If you are eligible for Medicare, you have many options to consider, including Medicare Advantage plans, which are private insurance plans that provide all the benefits of Parts A and B, plus additional coverage options such as dental, vision, and hearing, and prescription drug coverage. However, Medicare Advantage plans are constantly evolving, and it can be challenging to navigate the changes each year. In this article, we will guide you through the changes for Medicare Advantage plans for 2024 so you can make the most informed decisions.
More Health Plans Entering the Market
By 2024, more health insurance providers are expected to enter the Medicare Advantage market. This means more options for Medicare beneficiaries. The added competition will lead to lower premiums and better benefits. As more beneficiaries enroll in Medicare Advantage plans, Medicare also will obtain savings guaranteed in the current payment system.
More Health Care Services to be Covered
Medicare Advantage plans will have flexibility to cover additional health care services in 2024, too. These services may include non-medical services like meals, transportation, and housing arrangements that will help keep beneficiaries in their homes and get them the care they need to stay healthy. The goal is to keep beneficiaries out of healthcare settings like hospitals and long-term care facilities, which can expose them to COVID-19 and other infections.
Greater Focus on Social Determinants of Health
Medicare Advantage plans also will place greater emphasis on addressing social determinants of health, such as food insecurity, social isolation, and air pollution. Medicare Advantage plans will work more closely with community organizations to better address these non-medical issues.
Expansion of Telehealth Services
Telehealth services have played a critical role in providing healthcare to beneficiaries safely during the pandemic and will continue to be widely used. Medicare has added several new telehealth services to be covered in 2024. This is a game-changer for beneficiaries in rural areas who have limited access to in-person medical services.
Changes to the Star Rating System
Another change effective in 2024 involves the Star Rating System for Medicare Advantage plans. CMS Star Ratings serve as a benchmark against which we can evaluate the level of service quality that different health plans offer. The changes include the establishment of a single rating system and modified measures that will deliver a more accurate reflection of plan quality.
Deciding which Medicare Advantage plan is right for you can be daunting, particularly with new changes each year. There are many options to consider, based on your individual needs. It’s important to do your research to ensure you enroll in the plan that has the best coverage and benefits for your health care needs and budget. Keep an eye on recent changes in Medicare Advantage, including industry trends and new benefits being offered in your area.
Navigating Medicare Advantage can seem like a daunting task at times, but with careful research and weighing your pros and con’s Medicare Advantage plans can structure a comprehensive care package in the ever-evolving landscape of healthcare.