The Results have shown that in 2015, almost around seventeen million recipients of the Medicare which makes around 31 percent enrolled themselves in Medicare Advantage plans, like the Health Maintenance Organization, and Preferred Provider Organization. These plans are provided in place of the conventional Original Medicare. The Annual open enrollment period gives us opportunity to modify our Medicare Advantage plans, register in a Medicare Advantage plan, or return from the Medicare Advantage plan to Original Medicare. The Researchers have closely monitored change in Medicare Advantage market, and since 2010 during which the Affordable Act Care was designed, most of people have shown interest in learning effects of ACA from federal payments to health insurance Advantage plans. Recently, suggested mergers between health insurers with a large portfolio in Medicare Advantage asked question regarding effect of mergers on recipients.
Find out more at https://www.medicareadvantage2019.org/
We have analyzed the public information to review change in Medicare Advantage plans 2016. The Review includes change in out-of-pocket limits, premiums, and some other features. Following are findings:
- In, 2016, almost same health insurance Advantage plans were available to people who were in market during 2015. Just like 2012, in 2016 people had choice of 19 health insurance benefit plans.
- Only a limited number of firms offered health insurance Advantage plans. Average recipients of plans were allowed to choose plan by only six firms.
- Premiums of people who remained in same Prescription drug plans as of 2015 increased by 8 percent.
- Almost half of health insurance benefits Prescription Drug schemes placed a deductible for Part D plan in 2016, which is more than 2015.
- Average star rating for schemes in 2016 was much higher than before such as 4 to 4.5 due to increase in number of contracts.
- Maximum out-of-pocket costs for Part A and Part B also increased in 2016 just like previous years. Furthermore, around thirty-nine percent of schemes will have limit equal to maximum limit of out-of-pocket costs ($6,700 each year). This increase in 17 percent more than 2013.
So information mentioned above shows that how health insurance benefit schemes have changed in year 2016 with respect to premiums, out-of-pocket costs etc. This has not only revolutionized the healthcare industry but has also given opportunity to a lot of people to invest this industry to make it bigger and stronger. Change is taking place almost every year due to change in federal government’s policies and also due to policies of scheme owners.