Teaming Up With a Financial Advisor to Choose the Right Medicare Advantage Plan for 2023


The year 2023 marks a big transition for the Medicare program. In 2021, changes to the Medicare Advantage program began that will become effective in 2023, making it essential for seniors to understand what they need to know about this federal health insurance offering. This article provides an overview of the key changes and how they could affect those enrolled or considering enrolling in Medicare Advantage 2023

What Is Medicare Advantage? 

Medicare Advantage (MA) is a type of health insurance offered by private companies that contract with the government to provide Medicare benefits. It is made up of two parts: Part A (hospital insurance) and Part B (medical insurance). The MA plan also includes prescription drug coverage, referred to as Part D coverage. Enrollees pay monthly premiums for their coverage and have out-of-pocket costs depending on their chosen plan. 

Changes Coming To the Program in 2023 

The Centers for Medicare & Medicaid Services (CMS) implemented several rules and regulations beginning in 2021 that will take effect in 2023. These include changes designed to improve access to care, promote provider choice, reduce administrative burdens and make MA plans more affordable for seniors. Here are some of the most significant changes you should be aware of if you are considering enrolling in an MA plan next year: 

• Increased Choice: CMS is expanding the number of providers who can participate in MA plans and allowing them to offer additional services such as telehealth visits, transportation services, home healthcare and more. This means enrollees will have greater choice when selecting providers than ever before. 

• Lower Premiums: The CMS has also implemented new rules designed to reduce premium costs for enrollees while still maintaining quality care standards. For example, insurers are now required to spend at least 85% of premium dollars on medical services rather than administrative costs like marketing or profits — a move that could lead to decreased premiums for enrollees without sacrificing care quality. 

• Better Accessibility: Starting next year, MA plans must provide access to specialists within 30 days or less — a reduction from the current 45-day requirement — making it easier for seniors to get timely medical care when they need it most. Additionally, enrollees will no longer be limited by geographic boundaries when selecting their provider; they can now choose any provider outside their geographic area if they wish. 

• More Flexible Coverage Options: Seniors looking for more flexibility when choosing their MA plan can now opt into “flexible benefit” plans which allow them to customize their coverage based on their individual needs and budget constraints without sacrificing quality care standards set forth by CMS guidelines. 

Conclusion: With all these new changes coming into effect next year, it’s important for seniors who are considering enrolling in an MA plan or renewing their existing one to be aware of what options are available so they can make an informed decision about which plan best fits their needs and budget constraints. Making sure you understand all the new changes coming into effect with the Medicare Advantage program will help ensure you select a plan that provides you with high-quality care at an affordable cost – something we all want!

Louis Jones

Greg Jones: Greg's blog posts are known for their clear and concise coverage of economic and financial news. With a background as a financial journalist, he offers readers valuable insights into the complexities of the global economy.