Myriad upgrades to the way seniors choose Medicare health plans and drug coverage online could boost already fast-growing private Medicare Advantage enrollment.
Calling the upgrades the first in a decade, the Centers for Medicare & Medicaid Services (CMS) Tuesday announced a new “Medicare Plan Finder” on the government’s Medicare.gov web site that allows 60 million seniors and others with Medicare coverage to shop and compare Medicare Advantage and Medicare Part D drug plans.
“The new Plan Finder walks users through the Medicare Advantage and Part D enrollment process from start to finish and allows people to view and compare many of the supplemental benefits that Medicare Advantage plans offer,” CMS said in a statement Tuesday morning.
CMS said seniors can compare pricing and plan options between original Medicare, supplemental policies and Medicare Advantage plans. And they can also “compare up to three drug plans or three Medicare Advantage plans side-by-side,” CMS said.
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The upgrades will be welcome to seniors, but also to health insurance companies as they invest billions of dollars in their own upgrades and medical care provider networks to offer seniors private Medicare Advantage coverage.
“CMS’ Medicare Plan Finder redesign could boost Medicare Advantage enrollment by reducing the complexity of the purchase process,” says Andrew Kadar with L.E.K. Consulting, which has projected enrollment of seniors in private Medicare Advantage plans could reach 70% of those eligible for federal health benefits for the elderly between 2030 and 2040, a new report shows.
Date: September 03, 2019