Medicare reform is also part of the bill restructuring provider payment rates and requiring the Department of Health and Human Services (DHHS) to develop new payment methods to promote coordinated care and reward quality and efficiency in areas such as hospital readmissions, post-acute care, imaging, and primary care. The bill reduces payment rates and establishes an 85 percent medical loss ratio for Medicare Advantage plans. The legislation also eliminates the coverage gap in Part D by 2023 and reauthorizes Special Needs Plans (SNPs) that integrate care for beneficiaries with coverage through Medicaid and Medicare.
The reduction in Medicare Advantage plans payment rates could have a significant impact on people over 65 that are currently enjoying the low monthly premium costs for their existing plans. The advantage plans for next year could change, either by providing reduced benefits or higher monthly rates or both. The millions of seniors now covered by the Advantage plans could be forced to seek other supplement plans or live with reduced benefits.
Our team of professional agents at Insurance Connection USA will continue to provide you with details on all the available plans and options and will be prepared to meet with you and review your individual situation and benefit needs.
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