Upcoming years bring new developments in the healthcare industry. After the pandemic, healthcare systems are reconstructing, and with them comes the need for more accessible and affordable healthcare plans. As we move forward into the future, seniors and retired individuals’ medical needs are shifting towards Medicare Advantage plans. In this article, we will explore what Medicare Advantage plans for 2024 are all about and how the healthcare industry’s future looks like in 2024.

What is Medicare Advantage Plan?

Medicare Advantage plans are offered by private insurance companies that work as an alternative to the traditional Medicare plans offered by the government. Instead of paying for each medical service separately, Medicare Advantage plans offer extensive healthcare benefits under a single plan. Besides basic medical services, these plans also include other services like dental care, vision care, and prescription drug coverage. While traditional plans strictly follow government regulations, Advantage plans allow insurance companies some flexibility to design their plans, reducing costs while offering more benefits for the customers.

What’s New in Medicare Advantage Plans in the Future?

In 2022, Medicare Advantage plans started offering coverage for telehealth services. While telehealth existed before, the pandemic accelerated the acceptance of remote healthcare practices. Future advancements are expected to provide more specific services through telehealth technology. According to a report by the AHIP Center for Policy and Research, in 2024, Medicare Advantage plans will offer improved remote monitoring and disease management services for chronic illnesses like diabetes. Telemedicine technologies enable doctors to track medication schedules, trigger alerts, and provide remote consultations.

Another significant change is the increased focus on social determinants while designing Medicare Advantage plans. The affordability and accessibility of plans and medical services remain the primary concern for Medicare beneficiaries. However, healthcare providers are now incorporating the social determinants of health while structuring healthcare plans in the future. Incorporating factors like the availability of fresh food, the environment, stress, social isolation, and public safety allows a more sustainable and accessible healthcare framework conducive to overall wellbeing.

The Rise of Value-Based Care in Medicare Advantage Plans

Value-based care models offer a shift from pay-per-service models to providing value to patients based on the efficacy of the provided medical services. Medicare Advantage plans are rapidly adapting to value-based care models to provide high-quality medical services. Value-based care models have been shown to improve clinical outcomes, reduce non-essential medical costs and streamline access to care. In addition, private insurance providers’ focus on value-based care increases healthy competition, leading to better healthcare services in the market.

Conclusion:

The future of Medicare is looking bright with more accessible, affordable, and comprehensive Advantage plans. The advancements in telehealth and remote monitoring will provide better and efficient medical services to beneficiaries. The healthcare industry’s focus on social determinants will make Medicare Advantage plans reflect patients’ needs for holistic healthcare services. Additionally, the rise of value-based models will provide better value to patients while improving healthcare providers’ accountability. MainAxisAlignment plans’ future of 2024 is exciting, bright, and promising for the health and wellness of retired individuals and Medicare beneficiaries.