Medicare Advantage Trends for 2023 AEP

Episode Summary

This conversation covers the current state of Medicare Advantage plans and key trends to watch heading into the 2023 plan year.

To start, the host asks Josh what he's been seeing at recent Medicare Advantage carrier conferences regarding the future of these plans. Josh shares that carriers are investing heavily in Medicare Advantage benefits and plan offerings. Popular additions include dental, vision, hearing aid coverage, over-the-counter allowances, and grocery debit cards. These enhanced benefits aim to differentiate carrier plans during the Annual Enrollment Period when seniors are shopping for coverage.

D-SNP plans, which serve dually eligible low-income seniors, represent an underserved market that many agents unfortunately overlook. But this segment represents a major opportunity to help a vulnerable population. Brokers who fail to market D-SNP products are leaving money on the table.

Value-based care models continue to thrive in Medicare Advantage, where improved health outcomes are incentivized over fee-for-service volume. Many providers appreciate this model. Additionally, CMS reimbursements to Medicare Advantage plans are increasing under the current administration, giving carriers more dollars to invest in benefits and support providers.

When asked how carriers can afford such robust benefits, Josh explains that CMS payments to plans have risen substantially. Carriers also have the flexibility to balance their portfolio of plans. They can use revenue from profitable plans to subsidize those with slimmer margins. This allows them to stretch benefit dollars across their Medicare Advantage product lineup.

Josh notes carriers are now offering reduced copays for preferred drugs, and capping insulin costs at $35 per month to help manage expenses. These innovations demonstrate how Medicare Advantage continues to evolve to meet the needs of seniors through enhanced benefits and affordability.

Looking ahead, while Medicare Advantage's popularity is surging, some market segments remain underserved, like low-income D-SNP plans. As the senior population grows, demand for Medicare Advantage and agents will rise. Carriers will keep innovating on benefits and value-based care models. Overall, the future remains bright for Medicare Advantage as a solution that provides seniors with choice, benefits, and quality care.


(0:00:02) - Broker link talks with Josh Slattery about what's coming in Medicare Advantage
(0:00:36) - What do you think is shaping and changing the future for Medicare Advantage in 2023
(0:05:05) - CMS continues to fund Medicare Advantage more and more
(0:08:32) - Value-based care is thriving and moving away from fee for service model
(0:12:30) - There was recent legislation about capping insulin costs and Medicare, negotiating drug prices
(0:13:38) - Calling all Texas Medicare and ACA brokers to attend our annual kickoff
(0:14:44) - Let's talk about distribution changes. You had consolidated the sales force and how that's aging
(0:20:11) - There are 62 million people on Medicare and just a fraction of agents
(0:23:53) - AEP, the call recording requirements, has sparked some controversy
(0:29:34) - There are 62 million people on Medicare and roughly 125,000 agents nationwide
(0:31:52) - Josh: We empower insurance agents to sell more and earn more

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