Balancing Cost and Quality When Choosing a Medicare Advantage Plan for 2023

If you’re approaching retirement age, you may be considering Medicare Advantage plans as a way of getting the coverage you need while keeping your costs down. With all the changes coming to healthcare in 2023, it’s important to stay informed about what to expect from Medicare Advantage. In this article, we’ll take a look at the most important things you need to know about Medicare Advantage 2023

What Is Medicare Advantage? 

Medicare Advantage is an alternative option to traditional Original Medicare (Parts A and B). It combines all of the benefits of Parts A and B plus additional benefits such as vision, dental, and prescription drugs. The coverage varies depending on which plan you choose and can include services like wellness visits, hearing screenings, home health care, and more. 

How Does Medicare Advantage Work? 

Medicare Advantage plans are offered through private insurance companies that are approved by the Centers for Medicaid & Medicare Services (CMS). Each plan has its own network of doctors and hospitals that members must use when they need care. Monthly premiums vary depending on the plan type and can range from $0 – $150+. Plans also have annual deductibles, copays/coinsurance for services received, and out-of-pocket maximums. 

Changes Coming In 2023 

In 2023 there will be several changes coming to the Medicare Advantage program including new cost-sharing requirements for specialty medications, increased access to telehealth services, expanded hearing aids coverage for certain plans, lower cost sharing requirements for cancer screenings and preventive treatments, additional financial assistance for low-income beneficiaries who qualify for Extra Help or Dual Eligible Special Needs Plans (DSNP), and more. Additionally, CMS has proposed reducing copays/coinsurance amounts for Part B services such as physician visits and outpatient hospital visits in order to make these services more affordable. Lastly, there will be an increase in the availability of supplemental benefit plans that offer additional coverage beyond what is included in standard MA plans such as transportation assistance or meal delivery services. 

Conclusion: 

With so much changing with Medicare Advantage plans in 2023 it’s important to stay informed so that you can get the best coverage possible at an affordable price. Knowing what changes are coming ahead of time will help you decide which plan is right for you when it’s time to enroll. Be sure to do your research before making any decisions so that you can make an educated choice about your healthcare needs now and into the future.

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