Medicare Advantage plans have been on the rise in recent years, with over 42% of Medicare beneficiaries enrolled in a Medicare Advantage plan. These plans offer a comprehensive approach to healthcare coverage, including medical and prescription drug benefits often for a lower cost than traditional Medicare. However, with the ongoing changes to healthcare policies, it is critical to understand the upcoming changes to Medicare Advantage plans in 2024. This blog post will discuss everything you need to know about Medicare Advantage Plans 2024.
One significant change to Medicare Advantage plans in 2024 that beneficiaries must know is the cost structure. Beneficiaries enrolled in a Medicare Advantage plan will have out-of-pocket limits which cap the amount they pay out of pocket for medical services each year. Starting in 2024, these out-of-pocket limits will increase annually until they reach a maximum amount. The maximum out-of-pocket limit will be set at $12,500 for in-network services and $22,000 for combined in-network and out-of-network services.
Another significant change for Medicare Advantage plans in 2024 is an expansion of telehealth services. With the ongoing COVID-19 pandemic, telehealth has become increasingly popular. Due to this, Medicare Advantage plans will now have to cover remote patient monitoring and care management services to beneficiaries with certain conditions. This expansion of coverage can be a game-changer for those who need continuous medical attention but cannot leave their homes or travel frequently for doctor visits.
Medicare Advantage plans will now be required to adhere to several new health equity requirements. These requirements are designed to help reduce disparities in care based on factors such as race, ethnicity, or socioeconomic status. In addition, the Centers for Medicare and Medicaid Services (CMS) will also be collecting more data on health equity in Medicare Advantage programs to better understand the disparities among beneficiaries. This data will help CMS create strategies aimed at reducing these disparities and improving care for all beneficiaries.
Chronic Care Management
Starting in 2024, Medicare Advantage plans will also be required to provide chronic care management services to beneficiaries with two or more chronic conditions. These individuals can then access additional benefits and services to help manage and improve their chronic conditions’ healthcare. This change is aimed at reducing the number of hospitalizations and emergency room visits and ultimately reducing healthcare costs.
Special Needs Plan Changes
Lastly, beginning in 2024, there will be changes to Medicare Advantage Special Needs Plans (SNPs). SNPs are tailored towards beneficiaries who have a specific chronic condition or illness. These plans will be required to cover additional benefits, such as meal delivery and transportation, to help members manage their conditions and overall health.
In conclusion, Medicare Advantage plans have always been a popular choice among beneficiaries, and with the new changes coming in 2024, they look to become even more so. These changes will have a significant impact on beneficiaries and their healthcare by improving access to medical care, reducing healthcare costs, and promoting health equity. It is essential to stay informed about the upcoming changes and find a Medicare Advantage plan that is tailored to your individual healthcare needs.