Medicare Key Trends in Medicare Advantage Plans
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Key Trends in Medicare Advantage Plans
There are several trends that are occurring in Medicare Advantage plans. To most, these trends are considered positive and can make MA plans more competitive and appealing to current and new members. Vigorous competition amongst the health plans participating in the Medicare Advantage program is responsible for many of these positive trends.?If you or a loved one is thinking about signing up for an MA plan this year, it’s important to understand your options as intimately as possible.
High Enrollment Growth
MA plans experienced a 60% increase in enrollments from 2013 to 2020, and enrollment growth is expected to continue. Some experts predict 33 million enrollees in MA plans by the year 2030. There is also talk of integrating both state and federal programs to make the enrollment experience easier for dual-eligible enrollees.
Higher Quality of Care
Now that MA plans are subject to the Medicare Advantage Star Ratings system, there is a higher incentive to provide enrollees with a better quality of care. When enrollees express dissatisfaction with a health plan, it impacts the rating of that plan and can dissuade others from applying.
On the other hand, when an MA plan earns a high rating, it generally experiences a higher enrollment rate as well. The Medicare Advantage Star Ratings system can guide enrollees to plans that are focused on quality of care over quantity of care.
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More Plans Available to Medicare Beneficiaries
In 2022, more beneficiaries can access MA plans compared to previous years. Beneficiaries can access an average of 39 plans?in 2022. In contrast, 33 was the highest number of plans beneficiaries could access in previous years.
No Premium for Many Medicare Advantage-Prescription Drug Plans
Many Medicare Advantage-prescription drug plans will no longer charge a premium in 2022 (with the exception of the Medicare Part B premium). This means that most MA enrollees have the option to enroll in a zero-dollar premium plan. For people on fixed incomes, this can be a significant benefit. Additionally, the average premium for MA programs is projected to drop in 2022.
More Plans With Meal and Telehealth Benefits
Meal benefits can be a huge advantage for seniors. It is projected that most individual Medicare Advantage plans (upwards of 92%) will offer meal benefits. About the same number will also offer telehealth benefits. Both of these benefits can help improve the lives and health statuses of enrollees.
Additional Benefits
Many MA plans are offering additional benefits that aren’t available in fee-for-service Medicare. Some additional benefit options include hearing, vision, social, and dental health benefits. It is important to learn as much as you can about each MA plan to determine which additional benefits will best meet the needs of you or your loved one.
In addition to these trends, Medicare Advantage plans continue to serve an increasingly diverse population. The number of minorities and women signing up for MA programs continues to grow. Members who are aware of emerging trends in MA programs are better positioned to take advantage of the most beneficial programs when enrolling.