Medicare Advantage has continuously seen an upsurge in enrollment since its inception. In 2020, the number of beneficiaries was 24.1 million, a 60% increase from the 15 million in 2015. Medicare Advantage plans provide coverage beyond the original Medicare benefits, including dental, vision, and hearing aids, among other perks. So what does the future of Medicare Advantage hold? In this article, we will discuss some predictions for 2024 and beyond https://www.medicareadvantageplans2024.org/
More beneficiaries will choose Medicare Advantage
According to a report by the Kaiser Family Foundation, 51% of the Medicare beneficiaries opted for Medicare Advantage in 2020. This trend is predicted to continue in 2024, with more beneficiaries joining Medicare Advantage due to its various benefits. The plans have been advertised widely by different insurance companies, promising extra benefits beyond regular Medicare. Therefore, it is anticipated that more beneficiaries will choose this option over the Original Medicare plan.
Increased inclusion of Telehealth Services
The COVID-19 pandemic thrust telehealth services into the limelight, with virtual visits becoming an immediate relief for beneficiaries. In 2020, the use of telehealth increased by 3000% for inpatient medical services and by 6000% for mental health services. In the future, it is anticipated that there will be increased inclusion of telehealth services in Medicare Advantage plans. Additionally, telehealth services could supplement in-person doctor visits, which will boost beneficiaries’ access to healthcare services.
Customized Health Plans
Medicare Advantage plans have several benefits tailored to an individual’s needs. In 2024, it is expected that beneficiaries will be allowed to customize their health plans to fit their needs. For instance, beneficiaries may have the opportunity to select benefits, such as dental custom implants, urgent care or responsible transparency. This customization could increase their satisfaction levels with their plans and improve health outcomes.
Expansion of Dual and Chronic Special Needs Plans
According to CMS, dual and chronic-illness special needs plans only cover 13% of the Medicare Advantage beneficiaries. However, plans targeting dual beneficiaries are expected to have more enrollees in 2024. These beneficiaries have either earned low incomes or have a chronic illness, which calls for specialized care. Plans with specific features, such as transportation services, in-home support, and coordination of care among various professionals treating them, could see a rise in demand.
Increased competition with Medicare for All
Medicare for All advocates propose that a single-payer system would ensure the expansion of more comprehensive health care coverage to everyone. If implemented, this would be a direct competition to Medicare Advantage, which gets its funding from the government. Currently, there’s uncertainty regarding the implementation of Medicare for All, but if put into effect, it could lead to a reduction in enrollment in Medicare Advantage plans.
Conclusion:
With the growing number of individuals eligible for Medicare, the future of Medicare Advantage is promising. It is predicted that there will be a rise in customized health care plans, expanded telehealth services, and increased demand disparities in plans targeting chronic diseases. However, advocates of Medicare for All could pose stiff competition to Medicare Advantage plans. Regardless, it’s clear that Medicare Advantage plans will continuously adapt to meet beneficiaries’ changing needs, providing innovative and comprehensive health care coverage.
