Medicare Advantage is becoming increasingly popular among seniors as a way to receive comprehensive healthcare coverage for various medical services. As we head towards 2024 and beyond, there are plenty of predictions on the future of Medicare Advantage. Whether it’s through the expansion of benefits, the use of telehealth, or the changes in the program’s funding – the future of Medicare Advantage is both exciting and dynamic. In this blog post, we’ll explore some predictions for the future of Medicare Advantage plans 2024 .
The Rise of Telehealth
One of the most significant changes predicted for Medicare Advantage is the growth of telehealth. Medicare Advantage will embrace telehealth more than ever, creating a personalized experience where beneficiaries will have access to doctors and specialists from the comfort of their homes. Telehealth visits will be more common than in-person visits, saving time, cost, and minimizing exposure to diseases. Telehealth will revolutionize the way medical services are delivered, spanning preventive care, chronic care management, and behavioral health services.
Modifications in Medicare Advantage Funding
One reason for the growth of Medicare Advantage is balance in funding. Modifications in funding will continue to bring changes in 2024 and beyond. Rather than incentivizing higher service utilization, CMS will refine the current funding structure to reduce the cost of care, drive quality outcomes, and keep beneficiaries healthy in the long run. This way, plans can offer their benefits at more affordable costs, improving the experience for beneficiaries, and driving enrollment.
Innovative Benefit Offerings
Medicare Advantage plans will continue to offer innovative benefits to drive enrollments. Knowing the enormous potential of offering additional health-related benefits, plans will expand their benefit offerings beyond the services that Original Medicare does not cover. This will include dental, vision, hearing benefits, and social needs benefits such as transportation, meals, and adult daycares. The most innovative benefits will not only attract beneficiaries but provide a competitive edge in the market.
Star Ratings Will Play a Crucial Role
Star Ratings will continue to play an essential role in enabling beneficiaries to select Medicare Advantage health plans. CMS has made changes to make Star Ratings more accessible for beneficiaries to understand, and plans to use them as a way of driving better healthcare outcomes. By incorporating new metrics on care coordination, beneficiary engagement, and social determinants of health, we will see Medicare Advantage plans offer better quality across the board.
Fierce Competition and Marketplace Disruption
Finally, the future holds fierce competition among Medicare Advantage health plans, and new entrants will seek to disrupt the current market dynamic. The entry of new players in the marketplace will encourage plans to develop creative channels to reach consumers, break the traditional ways of engagement and offer differentiated benefits combined with superior member experiences. Market disruption will encourage innovation and benefits that satisfy more of the needs of beneficiaries, such as instant decision-making and personalized benefits.
Medicare Advantage is a rapidly growing program that provides comprehensive health coverage for seniors. As we approach 2024 and beyond, we will see Medicare Advantage embrace technologies such as telehealth, provide more innovative benefits, and revise the funding structure to drive better quality outcomes while keeping prices affordable. Fierce competition among Medicare Advantage health plans will also push plans to experiment with innovative ways of delivering care and benefits that will attract beneficiaries to enroll. The future looks bright, and it will be exciting to watch as Medicare Advantage evolves to fit the changing healthcare landscape in the years ahead.