Medicare Advantage Plans 2024: The Comprehensive Review

The healthcare industry is constantly changing and evolving. Medicare Advantage Plans are no exception to this trend. These plans are the perfect alternative to traditional Medicare, as they offer additional benefits and lower out-of-pocket costs. If you’re already a recipient of Medicare, you may be wondering what to expect in Medicare Advantage plans 2024. In this article, we’ll discuss the benefits, challenges, and modifications that these plans will introduce in the upcoming years.

Changes in Costs:

The costs of Medicare Advantage Plans are expected to increase by 2.5% annually. This rise in cost can be attributed to the increasing cost of healthcare, which is a problem at the national level. However, Medicare Advantage Plans are expected to cover more preventive and wellness services compared to traditional Medicare. You’ll also see an increase in coverage for services like telemedicine, which can be a significant cost-saver.

More Flexibility in Plan Benefits:

In 2024, Medicare Advantage Plans will have more flexibility in plan design, meaning they can offer additional services and benefits. They’ll have the ability to provide benefits beyond the minimum essential health benefits required under the Affordable Care Act. Specifically, health-related benefits that are not primarily health-related but have been shown to increase health quality or decrease healthcare spending. These benefits might include transportation to medical appointments, meals, and grocery delivery.

Better Alignment With Social Determinants of Health:

As the industry moves towards valuing value-based care more than fee-for-service care, Medicare Advantage Plans are moving towards the same pattern. New and innovative ways to improve health outcomes are being implemented to reduce barriers to care, address the social determinants of health that affect patient health. This will result in more affordable care for patients and higher quality of care.

Implementation of the Patient Driven Payment Model:

The Patient Driven Payment Model is expected to be fully implemented in 2024. This model will impose significant changes to the payment structure of healthcare providers. It incentivizes providers to keep patients healthy rather than to keep patients coming to the office. The goal is to produce long-term results aligned with payment incentives. As a result of this model, Medicare Advantage Plans will put more focus on provider quality and performance.

Expansion of Telehealth Coverage:

One of the many benefits of Medicare Advantage Plans is the coverage of telehealth services. In 2024, you can expect the further expansion of telehealth services. Since the outbreak of the COVID-19 pandemic, healthcare providers have utilized telehealth services to reduce the potential spread of the virus. This year, more telehealth benefits will be extended under Medicare Advantage Plans to cater to patients’ changing needs.

Conclusion:

In conclusion, Medicare Advantage Plans are an excellent alternative to traditional Medicare. In 2024, you can expect several significant changes to these plans that will make them even more beneficial for enrollees. These include better access to preventive and wellness services, more affordable care, flexibility in plan benefits, alignment with social determinants of health, implementation of the Patient Driven Payment Model, and expansion in telehealth services. If you’re a beneficiary of Medicare, now is the perfect time to start exploring these plans and determine which one will suit your healthcare needs most.