Medicare premiums will increase slightly in 2024, but you should see cost savings in the drug plans

Medicare open enrollment season started Oct. 15 and ends Dec. 7, and this year there will be more plan choices, more benefit offerings, and potentially some cost savings on medications.  For the millions of seniors on Medicare,  there also will be more reason to scrutinize your existing plans and weigh your options.

During open enrollment, you can make changes such as join, switch, or drop a private insurer’s Medicare Advantage plan for 2024 or a Medicare Part D prescription drug plan. When you are 65, there are two routes you can go: A Medicare Advantage plan offered by a private insurer, which includes hospital care, physician care, prescription drug coverage and other benefits. Or, Original Medicare, provided by the federal government, which includes hospital care and physician care, and pair it with a Part D drug plan.

This year there are more reasons to do your homework and consider your options.

“Plans change every year,” said Bob Rees, vice president of Medicare Member Loyalty for eHealth insurance agency. “Look beyond monthly premiums at the full cost and determine if your plan is changing. You may not be required to change plans, but look to see if your out-of-pocket costs are changing, and that may be a good reason to make a switch.”

What’s new with Medicare Advantage?

Centers for Medicare & Medicaid Services expects more people to enroll in Medicare Advantage plans in 2024, estimating enrollment at approximately 50% of Medicare eligible seniors, compared to approximately 48% for 2023.

While premiums, deductibles, co-pays and out-of-pocket maximums for Medicare Advantage plans differ greatly, every person with Medicare Advantage coverage must pay the Medicare Part B premium (part of Original Medicare) in addition to their private plan’s premium. If enrollees choose to stay in their plan, most will experience little or no premium increase for next year. In Florida, the average premium will increase slightly by 79 cents.

But there are more than premiums to consider.

In choosing among Medicare Advantage plans, an important determinant in 2024 is whether your doctor and preferred hospital will continue to accept your Medicare Advantage plan.  Becker’s Healthcare reports a growing number of hospitals and health systems nationwide are pushing back and dropping the private plans altogether. The reason: Excessive prior authorization denial rates and slow payments from insurers. You also will want to see if your primary care doctors and specialists are in the network, and look at whether a plan includes dental and vision coverage.

“If you keep it simple and ask ‘Are my doctors in network? Are my hospitals in network?’ — by doing that you will eliminate half the plans,” said Evan Tunis with Florida Health Insurance in Coral Springs. “Once you are done with that, ask, ‘Am I okay with an HMO or do I want bigger access to doctors and hospitals, and in that case maybe I need to go with a PPO.’”

Also in 2024: Your plan must notify you if your provider is leaving the network so you have time to choose a new plan. You’ll get this notice if it’s a primary care or behavioral health provider and you have gone to that provider in the past three years.

For the last few years, Medicare Advantage plans have added more supplemental benefits that change yearly, such as dental, vision, meal delivery or gym memberships. Jenny Chumbley Hogue, an analyst for medicareresources.org, said that trend will continue in 2024. “There are going to be even richer benefits,” she said. “If those things are important to you, then it’s important to look at the options.”

However, experts say don’t pick a plan just because of a benefit like dental or vision. It’s more useful to find a plan that covers your cover your health care providers and your medications.

Saving on drug costs

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