As we inch closer to 2024, there are certain changes coming to Medicare Advantage that one needs to be wary of. The Centers for Medicare and Medicaid Services (CMS) have issued guidelines for health plans that participate in Medicare Advantage, and these guidelines can affect the coverage, pricing, and access to care for senior citizens. So, if you or someone you know is set to enroll in compare medicare advantage plans, then you’ll want to stay informed about these possible changes. This blog post will help you better understand what to look out for as the deadline approaches.
1. Reductions in maximum out-of-pocket limits
In 2024, CMS has proposed changes to the maximum out-of-pocket limits (MOOP). The new MOOP limit is expected to be $7,500, up from $6,700 in 2021. This means that beneficiaries enrolled in Medicare Advantage plans will have to pay more money out of their pockets before their plans cover the full cost of their healthcare expenses. However, some plans may still offer lower out-of-pocket costs, so make sure to do your research before enrolling.
2. Changes to the Supplemental Benefits
CMS has also proposed changes to the supplemental benefits offered by Medicare Advantage plans. These benefits include coverage for dental, vision, hearing aids, transportation, and over-the-counter medicines. In 2024, insurers may be required to specify any new benefits, while some previously covered benefits might be removed. Furthermore, insurers have been given more freedom to determine which benefits to offer, so long as they have been approved by CMS. As such, it’s important to be critical of any offers before enrolling in a plan.
3. Changes in Network Sizes
Medicare Advantage plans typically use doctor and healthcare networks to provide cheaper coverage. However, CMS has proposed broadening these networks, which could lead to changes in the doctors and hospitals you’re allowed to see. This could result in reduced coverage for beneficiaries located in rural areas where there are fewer doctors and smaller healthcare networks. To prevent potential problems, make sure that you choose a plan that covers your preferred hospitals and doctors.
4. Telemedicine Services
Telemedicine has gained a lot of popularity during the pandemic, and CMS has proposed new telemedicine policies in 2024. Plans will be required to offer telemedicine services as part of their basic benefits package, which could make it easier for seniors to get the care they need. However, the availability of telemedicine services could depend on your plan’s service area and provider availability. It is important to choose a plan that offers telemedicine coverage that meets your needs.
In 2024, CMS plans to lower the amount of money that insurers receive from Medicare to administer care. This could result in increased premiums and lower benefits for beneficiaries. Therefore, it is important to evaluate premiums and benefits of various plans before selecting one for yourself.
Medicare Advantage 2024 is expected to bring a lot of changes to the Medicare Advantage plans. From changes to maximum out-of-pocket limits to changes in supplemental benefits, health plan network sizes, telemedicine services, and pricing. As these changes draw closer, it’s important to stay informed about what to watch out for. If you’re getting ready to enroll in a Medicare Advantage plan, make sure you do your research to discover the best plan that suits your needs. Enroll as early as possible to get the most affordable rates and avoid any potential issues. By being alert, informed, and prepared, you’ll be in a better position to make the most of these changes in Medicare Advantage 2024.