Healthcare, in general, has been undergoing various changes for the past years, and Medicare Advantage is no exception. Often known as Part C, this type of Medicare plan started in 2006 when the Congress passed the Medicare Prescription Drug, Improvement, and Modernization Act. Today, this plan covers 42% of the total Medicare beneficiaries, and it is expected to grow more in the coming years. As we explore the future of Medicare Advantage, let us delve into the predictions for 2024 and beyond https://www.medicareadvantageplans2024.org/
Considerable Growth of Enrollment in Medicare Advantage
Medicare Advantage is a constantly evolving program, and it has grown considerably in recent years. In 2024, it is projected that around 51 million people will be beneficiaries of the Medicare program, of which about 20 million will be enrolled in Medicare Advantage. According to reports, there has been an increase in enrollment in the Medicare Advantage plan, partly because more Medicare beneficiaries are looking for an alternative to the traditional Medicare plan.
Greater Emphasis on Value-Based Care
A significant shift in the healthcare industry is being observed regarding the transition to value-based care. The Centers for Medicare & Medicaid Services (CMS) has already been promoting value-based care for some years through various payment models. In 2024, it is expected that value-based care will become more emphasized in the Medicare Advantage plan. It means patients would receive care that is more personalized, causes less financial burden, and of higher quality than the conventional fee-for-service care.
Emergence of New and Inclusive Benefits
Another trend that is expected to shape the future of Medicare Advantage plans is the emergence of new and inclusive benefits. In 2024 and beyond, many new benefits will be added to the Medicare Advantage plans, such as telehealth, transportation, adult day-care services, and mental health coverage. Some of the benefits that are now being added to Medicare Advantage plans include wellness services and chronic condition management. Plan providers will incentivize members to participate in preventative healthcare efforts in exchange for benefits such as gym membership.
Greater Use of Electronic Health Records
The rise of electronic health records (EHRs) is expected to propel the Medicare Advantage plan to the next level. EHR technology assists providers in delivering efficient and effective healthcare to patients. The utilization of EHR technology in the Medicare Advantage program makes it easier for physicians, providers, and insurance partners to share healthcare data. According to a recent report, EHR adoption among the healthcare industry has increased drastically in the past years, and we can expect this trend to continue in the future.
Expansion of Coverage with Greater Flexibility
In the future, we can expect more flexibility in the Medicare Advantage plans. CMS will continue to allow Medicare Advantage carriers to offer plans that demonstrate lower costs, greater access to care, and innovative features. By providing more flexibility, seniors can choose the coverage that is suitable for their unique needs. This flexibility is the perfect solution for those who do not fit in a standard plan due to their health, prescription drug needs, among other factors.
The future of Medicare Advantage seems exciting, as there are so many developments and trends to look out for. 2024 will mark a tremendous shift in healthcare, and Medicare Advantage plans will undoubtedly play a significant role in the transition. As we covered, there will be a focus on value-based care, the emergence of new benefits, greater use of EHRs, and greater flexibility, among other things. With all these changes and innovations in Medicare Advantage, it’s exciting to predict the direction of this program, and it will be exciting to see how these predictions play out in the future.