Attention, Medicare Advantage enrollees: It’s a good idea to review your plans during open enrollment, which begins Tuesday, so you don’t get caught by surprise next year.
Although the swiftly growing market remains stable overall, insurers are making a flurry of changes that could leave some senior citizens hunting for new policies, paying more out of pocket or getting skimpier supplemental benefits.
“In recent years, this is the most benefit disruption we’ve seen in the market,” said Lindsay Knable, a partner in consulting firm Oliver Wyman’s health and life sciences practice.
The shifts come as Medicare Advantage enrollment is expected to hit 35.7 million, or 51% of total Medicare enrollment. Under the Medicare Advantage program, which serves as an alternative to traditional Medicare, the federal government enters into contracts with private insurers to provide Medicare coverage to beneficiaries, many of whom are very cost-conscious since they are on fixed incomes.
However, few enrollees shop during open enrollment, which runs until December 7. Nearly two-thirds of Medicare Advantage participants did not compare their coverage with other options for 2022, according to a recent analysis by KFF, a health policy research organization.
Enrollees should look through their annual notice of change to learn what may be different for 2025, said Jeannie Fuglesten Biniek, an associate director of KFF’s Program on Medicare Policy.
“People just really have to pay attention to understand what they’re signing up for,” she said.