Recent Medicare Advantage developments: The National Committee for Quality Assurance revealed its top 2023 plans and new research showed a 12% cost difference between MA and traditional Medicare. UnitedHealthcare is discontinuing certain 2024 MA plans and service areas. Over 85% of 2023 open enrollment TV ads focused on MA, with Blue Cross Blue Shield prominently featured. Executives emphasized simplified healthcare, strong customer service, and robust benefits for member satisfaction. A study found that Alzheimer’s patients are more likely to switch to traditional Medicare. A program alleviated loneliness and depression among socially isolated MA members. CVS Health is optimistic about Aetna’s 2024 star ratings.
The latest headlines in Medicare Advantage have been abuzz with noteworthy updates. The National Committee for Quality Assurance has just unveiled its list of the top Medicare Advantage plans for 2023. Additionally, fresh research has shed light on the cost disparities between Medicare Advantage and traditional Medicare. Here, we present eight significant updates that have been covered by Becker since September 13th.
1. UnitedHealthcare’s Shift for 2024:
UnitedHealthcare is making strategic changes for 2024 by discontinuing some of its Medicare Advantage plans and withdrawing from certain service areas.
2. Cost Savings with Medicare Advantage:
A recent whitepaper authored by researchers from Inovalon and Harvard Medical School has revealed that Medicare Advantage beneficiaries enjoy a remarkable 12 percent reduction in healthcare expenses compared to their counterparts in fee-for-service Medicare.
3. Advertising Focus on Medicare Advantage:
During the 2023 open enrollment period, over 85 percent of nearly 650,000 TV ads related to Medicare were centered on Medicare Advantage. These advertisements were predominantly sponsored by health insurers, but approximately 20 percent were backed by brokers and other third-party entities, including marketing firms. Notably, Blue Cross Blue Shield plans played a substantial role in one out of every four Medicare Advantage TV advertisements in 2022.
4. Keys to Member Satisfaction:
Executives shared insights into what keeps Medicare Advantage members satisfied with their plans. Simplifying healthcare processes, delivering exceptional customer service, and offering robust basic benefits were highlighted as key factors by these executives in discussions with Becker.
5. Impact of Alzheimer’s Disease on Plan Choice:
A study featured in JAMA Health Forum revealed that Medicare Advantage beneficiaries with Alzheimer’s disease and related dementia are 1.4 times more likely to switch to traditional Medicare compared to those without the disease.
6. Addressing Social Isolation:
A program aimed at supporting socially isolated Medicare Advantage members has shown promising results, with improvements in feelings of loneliness and depression, according to a report from the Elevance Health Public Policy Institute.
7. Recognizing Excellence:
The National Committee for Quality Assurance recognized the best Medicare Advantage plans of 2023 based on criteria such as care quality, patient satisfaction, and ongoing efforts to enhance services. A total of 471 Medicare Advantage plans received ratings on a scale ranging from zero to five stars, with none achieving a five-star rating this year.
8. Optimism for Star Ratings:
CVS Health CEO Karen Lynch expressed optimism about Aetna’s Medicare Advantage star ratings for 2024. In a presentation to investors, Ms. Lynch emphasized the company’s unwavering commitment to enhancing its overall star performance.
These updates provide valuable insights into the dynamic landscape of Medicare Advantage, highlighting shifts in plans, cost savings, member satisfaction, and ongoing efforts to improve the quality of care provided to beneficiaries.
