Medicare Advantage plans are becoming increasingly popular among Americans looking to receive additional benefits not covered by Original Medicare. These plans offer an alternative to traditional Medicare, providing additional services such as dental, vision, and hearing coverage. With the changes and updates coming in 2023, now is the time to familiarize yourself with what you can expect from Medicare Advantage plans. In this blog post, we’ll cover what you need to know about Medicare Advantage plans 2023.
1. What’s New: Starting in 2023, Medicare Advantage plans will provide an additional benefit, “Open Enrollment Plus Period” (OEP+). The OEP+ period will allow Medicare beneficiaries to make a one-time change to their plan from January 1 to March 31. This means, if you’re not happy with your current Medicare Advantage plan, you can make a change halfway through the year. However, keep in mind that this is a one-time opportunity.
2. More Flexibility: Medicare Advantage plans will be more flexible starting in 2023. These changes will allow insurers to provide additional benefits, such as house calls from doctors, adult daycare, and meals. Plans will also have more freedom in how they structure their plan benefits. For example, a plan can now offer a percentage discount on the purchase of hearing aids, rather than including them as part of the plan benefit.
3. Increased Affordability: The Centers for Medicare and Medicaid Services (CMS) has also announced that they will be increasing the benchmarks used to determine plan payments. This will lead to increased affordability for beneficiaries, reducing the overall cost of Medicare Advantage plans. The average plan premium is expected to decrease by 11% in 2023, compared to the 2022 rates.
4. Telehealth Expansion: The COVID-19 pandemic has greatly increased the use of telehealth services. According to a report by the Brookings Institution, telehealth visits rose from 14,000 per week pre-pandemic to over 1.7 million per week in April 2020. In response to the increased demand, CMS is expanding telehealth services under Medicare Advantage. Starting in 2023, Medicare Advantage plans will be required to provide at least one telehealth benefit.
5. Increased Coverage for Chronic Conditions: Finally, in 2023, Medicare Advantage plans will offer a supplemental benefit for chronic conditions. According to CMS, more than 60% of Medicare beneficiaries have multiple chronic conditions. The new supplemental benefit will provide extra coverage for things like meal kits, transportation to and from medical appointments, and home improvements for falls prevention, in order to manage these chronic conditions more effectively.
The changes coming to Medicare Advantage plans in 2023 will greatly benefit Medicare beneficiaries. With increased flexibility, affordability, and coverage for chronic conditions, these plans offer much more than traditional Medicare. Keep these changes in mind when considering your options for Medicare Advantage plans in the future. Even if you are satisfied with your current coverage, there may be potential for greater savings and services with a new plan. Talk to your doctor and investigate the different plans available in your area to ensure you find the best option for you. With Medicare Advantage providing more options than ever before, it’s easier than ever to find a plan that meets your individual needs.
