As the new year approaches, seniors all around the country are getting ready to review their Medicare Advantage plans 2024, there are several changes that will take place in the world of Medicare, and it is important to be prepared for them. With a variety of plans available, it is crucial to make an informed decision when choosing the best plan for your needs. In this guide to choosing your 2024 Medicare Advantage plan, we will discuss the changes coming and what to look for when selecting a plan.
The first change to note for 2024 Medicare Advantage plans is that the annual election period (AEP) will be moving. Traditionally, the AEP has been from October 15th to December 7th, but starting in 2024, it will begin on November 1st and end on December 15th. This change is important to remember when scheduling appointments to review your plan options with insurance agents.
Another change impacting 2024 Medicare Advantage plans is the implementation of the Hospice Benefit Carve-In. This means that starting in 2024, Medicare Advantage plans will be required to cover hospice services for individuals who qualify for hospice care. It is important to check your plan’s coverage of hospice benefits when deciding on a Medicare Advantage plan for 2024.
Additionally, Medicare Advantage plans for 2024 will have to include a hearing benefit. This new requirement is part of the Creating High-Quality Results and Outcomes Necessary to Improve Chronic (CHRONIC) Care Act of 2018. So, if you are in need of hearing aids or other hearing-related services, it is important to ensure that your potential plan covers those services.
When reviewing the 2024 Medicare Advantage plans, remember to consider the plan’s star rating. The star rating assesses the quality and customer satisfaction of each plan on a scale of one to five stars. A plan with a higher star rating may have lower out-of-pocket costs and better coverage than a plan with a lower rating. It is important to review this information when making your decision.
Lastly, take note of the plan’s provider network. A plan with a broader provider network may offer more choices in doctors and hospitals, but it may also come with a higher monthly premium. A plan with a smaller network may offer lower monthly premiums, but it may limit your choice of providers. Consider your healthcare needs and preferences when deciding on a network size.
Choosing your Medicare Advantage plan for 2024 is an important decision, and there are several changes to keep in mind. Remember that the annual election period is moving, hospice benefits are being implemented, hearing services are required, star ratings can impact coverage and costs, and provider networks should be evaluated. Take the time to consider your healthcare needs and preferences when choosing a plan. It may be helpful to consult with a licensed insurance agent who can guide you through the options available within your state. With proper research and due diligence, you can find a 2024 Medicare Advantage plan that provides you with the coverage and benefits you need.