Are you a senior citizen considering investing in a Medicare Advantage plan? With the constant changes in Medicare Advantage plans, it’s necessary to stay updated with the latest key points to consider in 2024. This article is for those who seek a comprehensive guide on the latest changes and how to prepare for them.
Getting a Medicare Advantage plan involves understanding the plan’s monthly premiums, co-pays, networks, coverage areas, and benefits. Keep reading to find out the latest key points to consider in Medicare Advantage plans 2024.
Higher Monthly maximums
One of the key changes that will take effect in 2024 is increased maximum charges for enrollees. Seniors that enroll in Medicare Advantage plans in 2024 will need to pay a higher premium than previous years. Changes are expected to be made to account for medical inflation, which increases the cost of providing healthcare services over time. It’s essential to compare plans and premiums to ensure you’ll get one with the most favorable rates.
Potential Reduced Benefits for Certain Plans
Another vital consideration is the potential reduction of benefits for certain Medicare Advantage plans. Experts warn that the Centers for Medicare and Medicaid Services (CMS) could lower the benefits for lesser Medicare Advantage plans or prohibit such cost-sharing benefits outside the network. Seniors that have specific health needs need to shop around for Medicare Advantage plans with the benefits that suit their health status.
Expansion of Telehealth Services
In 2024, Medicare Advantage plans are expected to provide increased telehealth services, which allow seniors to consult a physician online and receive treatment without leaving their homes. As technology advances, more seniors are being diagnosed and treated for medical conditions. The promotion of technology in the medical sector is key to improve healthcare outcomes for seniors.
Focus on Diabetes Management
In the United States, diabetes has become a prevalent problem, with studies estimating that there are around 34.2 million people living with diabetes – many of whom are seniors. In 2024, Medicare Advantage plans are expected to put a more significant focus on diabetes management and prevention.
It’s essential for seniors with or at high risk of diabetes to invest in Medicare Advantage plans that cover the cost of diagnostic tests, screenings, and monitoring programs. Private insurance companies are also offering preventive care, including regular glucose screenings, insulin, and diabetic drugs, to seniors with diabetes.
The Requirement of Preauthorization
Pre-authorization is a process that prevents abuse and fraud in the healthcare sector by allowing insurance companies to ensure that medical procedures and equipment used are medically necessary. In 2024, Medicare Advantage plans are expected to require preauthorization, which requires seniors and providers to get prior approval from private insurance companies before medical procedures are done.
Getting a Medicare Advantage plan is essential for seniors who want to get medical coverage that’s right for them. In 2024, seniors must stay updated with Medicare Advantage plan changes to avoid the unknown and prepare accordingly. Keep in mind some of the key points you should consider when choosing an advantage plan – higher monthly charges, reduced benefits for certain plans, expansion of telehealth services, the focus on diabetes management, and the requirement of preauthorization. By evaluating these factors, seniors will be better prepared to choose an advantage plan that provides optimal healthcare coverage and delivers better outcomes.