5 Medicare Outlooks in 2022

The number of people enrolled in Medicare has increased since 2000. According to statistics, 63 million people (or about 18 percent of the population) will be enrolled in Medicare by 2020. And it’s expected to hit roughly 79 million by 2030, which is a significant increase. However, some modifications in the form of perks, programs, and improvements are expected to be enacted in 2022. Let’s take a look at five forecasts for the next few years.

5 Medicare Outlooks to look for in Philadelphia in 2022:

ADDITIONAL MEDICARE BENEFITS TO BE INCLUDED
To remind readers, while Medicare and Medicare Advantage plans are similar, there are several key distinctions. The government provides Medicare, whereas Medicare Advantage plans, also known as Part C Plans, are bundled solutions that cover Parts A, B, and D. As Medicare Advantage plans grow more competitive, they are becoming increasingly popular among Medicare recipients. More people are enrolling in Medicare Advantage plans because of the low premiums and “extras” such as dental and vision coverage.

Physicians are increasingly participating in these programs as ‘in-network’ providers as their popularity grows. Many insurance companies offer a plan that permits beneficiaries to go outside of the network for a higher co-pay. Individuals with money in an HSA may be interested in Medicare Advantage plans (Health Savings Accounts). It allows customers to avoid paying a premium and instead utilize their HSA funds to pay for copays and deductibles.

PREMIUMS IN THE MEDICARE ADVANTAGE PLAN WILL BE CONSISTENT.
Medicare is a government-funded program that provides low-cost healthcare to those over the age of 65. However, private Medicare insurers are becoming more competitive, with several providing $0 prices. So, whereas there used to be only a few private sector healthcare Medicare plans, there are now up to 25 in any given service region.

Every year, the cost of Medicare Part B increases. This is due to an increase in the number of persons qualifying for Social Security, as well as rising healthcare costs.

UPDATE ON DENTAL BENEFITS
Dental benefits would be given through the federal Medicare program, according to rumors. Medicare, on the other hand, does not cover dental care. The majority of dentists are not in-network with major dental insurance carriers, and they will almost certainly not be in-network with Medicare’s low reimbursement rates. Some Medicare Advantage plans will continue to offer dental coverage, either as a free benefit or as a rider. We anticipate that they will continue to provide dental coverage, as it is one of the primary motivators for people to join an insurance company’s plan.

TO IMPROVE THE QUALITY OF PATIENT CARE
The Affordable Care Act (ACA) and star rating programs incentivize providers to provide better patient care. Lower Medicare prescription drug costs in the coverage gap, higher standards of care, and more services for Medicare users were all implemented as part of the Affordable Care Act, while the star rating program rewards service providers and insurance carriers for certain services and standards of care. Overall, these improvements lead to the expectation that the quality of patient treatment will improve for beneficiaries.

AN INCREASE IN MEDICARE REGISTRATION
We predict 2022 to be another record year for Medicare Advantage membership growth, thanks to some excellent news concerning additional benefits and awards, as well as significant expansion of health insurance coverage. According to the Centers for Medicare and Medicaid Services (CMS), the median monthly premium for Medicare Advantage plans will be $19 in 2022. Medicare Advantage membership is expected to reach 29.5 million next year, up from 27.8 million in September 2021, according to CMS.

In general, whether you have Medicare or are about to enroll, you have a lot to look forward to. This includes the following:

• Low-cost premium plans with fun extras
• Improvements in the quality of patient treatment
• Plan revisions and updates on a regular basis

Contact BroadZero today if you have any additional questions about Medicare Advantage in Philadelphia.