Are you joining the 10,000 aging baby boomers who turn 65 every day? Are you confused about which Medicare plan to choose? If yes, then you are not alone. With multiple Medicare plans, it’s challenging to determine which one will meet your healthcare needs. One choice that you can get the most out of is Medicare Advantage. You may be wondering, what’s Medicare Advantage, and how has it evolved to be better? In this blog, we’re going to dive deep into what you need to know about Medicare Advantage plans 2023.
- Overview of Medicare Advantage Plans for 2023
Medicare Advantage, also known as Part C, is a combined coverage plan that integrates health plan benefits into Part A and Part B Medicare. As of 2023, Medicare Advantage plans will have access to more benefits and services than they used to. Some of the services that will be expanded include mental health benefits, transportation, vision, dental, among others. Additionally, the annual drug costs will be reduced by 75%. Moreover, Medicare Advantage members won’t be charged for out-of-pocket costs while receiving preventive services like mammograms, colonoscopies, prostate cancer screenings, and others.
- Special Enrollment Period for 2023
The Centers for Medicare & Medicaid Services (CMS) has created a new special enrollment period (SEP) in 2023 for beneficiaries to choose from the new Medicare Advantage plans. The special enrollment period will last three months, starting from January 1, 2023. The enrollment period is designed to help beneficiaries who have enrolled in a traditional Medicare plan make the switch to a Medicare Advantage plan.
- Medicare Advantage Provider Network
One of the best things about Medicare Advantage plans is the vast provider network. Medicare Advantage subscribers can have access to millions of doctors, hospitals, and other healthcare facilities at reduced costs. These plans have thousands of installed networks all over the country, which makes it easier for beneficiaries to find a provider close to them.
- What About Costs?
Medicare Advantage plans, unlike traditional Medicare, have an integrated cost structure that you must follow to get the right benefits. The costs in each plan vary based on the insurance carrier, location, and other factors. The cost of the plan includes monthly premiums, deductibles, coinsurance, and copays. However, the good news is that Medicare Advantage plans have established maximum out-of-pocket costs that limit the amount of money beneficiaries pay per year for the care they receive. As of 2023, Medicare Advantage annual deductibles will not apply to in-network primary care, specialist visits, laboratory, and other diagnostic services.
- What about Quality Care?
The government has adopted a “Star Rating” system that rates Medicare Advantage plans based on their overall quality, performance, and customer reviews. The rating ranges from one to five stars. Having a higher rating means that the Medicare Advantage plan provides better care and benefits. Moreover, some Medicare Advantage plans offer personalized care programs for beneficiaries living with chronic illnesses like heart disease, diabetes, cancer, and others.
As we have seen, Medicare Advantage plans for 2023 offer more benefits, services, and lower drug costs. The special enrollment period in 2023 means that subscribers can switch to these plans during a particular time. With the vast provider networks and established maximum out-of-pocket costs, Medicare Advantage plans remain a favorite among beneficiaries. Furthermore, a Medicare Advantage plan that has a high star rating ensures that beneficiaries are getting quality care. It’s essential to understand that Medicare Advantage plans vary concerning costs, location, provider networks, and other factors. Therefore, it’s advisable to read the plan’s details carefully and consult an agent for more information.
