As we approach another year, it’s time to start thinking about your healthcare coverage for the upcoming year. Medicare Advantage plans are one option to consider, as they provide comprehensive coverage for medical needs beyond what original Medicare covers. In this guide, we’ll dive into everything you need to know about Medicare Advantage plans 2024.
Medicare Advantage plans, also known as Part C, are offered by private insurance companies as an alternative to original Medicare. These plans combine the coverage of parts A and B, along with additional benefits such as prescription drug coverage, dental, vision, and hearing benefits, and even fitness programs. In 2024, Medicare Advantage plans are expected to continue expanding their benefits and accessibility throughout the country.
One major change to Medicare Advantage plans in 2024 is the implementation of the hospice benefit. Starting in 2024, individuals enrolled in a Medicare Advantage plan will have their hospice benefits covered by their plan, rather than having to rely on original Medicare. This will be a great relief for those facing serious illnesses and their families in need of the additional support hospice care provides.
Another change to Medicare Advantage plans in 2024 is the possibility of new supplemental benefits being added to the plans. In the past, insurance companies could only offer supplemental benefits that were “primarily health related.” However, in 2024, CMS will allow companies to package supplemental benefits with primary benefits, creating new and innovative bundles for beneficiaries to choose from. This means possible new benefits like transportation, meal delivery, or even home modifications could be added to help beneficiaries with their life transitions and support them with the care they need.
In 2024, beneficiaries will also have more opportunities to switch between Medicare Advantage plans during the year. For example, beneficiaries will be able to switch to a plan with a 5-Star rating anytime during the year, while the annual election period (AEP) only allows people to switch plans, join new plans, or drop current plans during the fall, from October 15th through December 7th.
Medicare Advantage plans also have a 5-Star rating system in place for beneficiaries to determine which plans have the most comprehensive benefits, high quality customer service, and affordable prices. Contrary to their name, plans don’t necessarily need to have five stars to be a great choice, but it’s a good way to start your research. In 2024, insurance companies are expected to continue to improve their 5-Star ratings to attract and retain customers, and provide quality service and care.
When it comes to healthcare coverage, it’s important to explore all of your options and make sure you’re getting the best care. Medicare Advantage plans are a great alternative to consider for your healthcare coverage, especially in 2024 with their anticipated expanded benefits and flexible options. Keep in mind the upcoming changes to hospice coverage, supplemental benefits, and the opportunity for more frequent plan switching. As always, it’s a good idea to do your research and consider your individual needs when choosing a Medicare Advantage plan.