America's Benefit Specialist December 2023

MEDICARE MATTERS

drug coverage. While the average premium for stand-alone drug plans is projected to increase for 2024 for PDPs, it is ex pected to remain stable for Medicare Advantage plans with drug coverage. Two-thirds of Part D stand-alone drug plan enrollees (ex cluding Low-Income Subsidy recipients)—close to 9 million enrollees—will see their monthly premium increase in 2024 if they stay in their current plan, while 4.4 million (34%) will see a premium reduction if they stay in their current plan. Beneficiaries who receive Part D Low-Income Subsidies will have access to fewer premium-free (benchmark) plans in 2024 than in any year since Part D started. Due to changes in benchmark plan availability, an estimated 2.4 million LIS enrollees—half of all LIS enrollees in PDPs—need to switch plans during the 2023 open enrollment period if they want to be enrolled in a premium-free benchmark plan in 2024. MEDICARIANS VEGAS 2024 ANNOUNCES PARTNERSHIP WITH MEDICARE ANSWERS NOW Medicarians Vegas 2024 is excited to announce a brand new partnership with Medicare industry leader and owner of Medicare Answers Now Amanda Brewton. Medicarians and Medicare Answers Now will work together to shape agent-centric programming for the industry event Medicari ans Vegas 2024. “With her finger on the pulse of what agents, FMOs and carriers want and need today, we cannot think of a better partner than Ms. Brewton and Medicare Answers Now,” said Jay Weintraub, CEO of Medicarians. “By working together, I have no doubt we can help not just agents but the seniors they serve.” Medicarians Vegas 2024 takes place April 8-10 at the brand new Fontainebleau Las Vegas. It offers 2,500 attendees two and half days of networking and learning for all parts of the se nior health ecosystem, including plans, providers, distributors,

The two new analyses provide an overview of the Medi care Advantage and Medicare Part D marketplace for 2024, including the latest data and key trends. MEDICARE ADVANTAGE Nearly 31 million Medicare beneficiaries—51% of all eligible beneficiaries—are enrolled in Medicare Advantage plans, which are mostly HMOs and PPOs offered by private insurers. Of the 43 Medicare Advantage plans that the typical ben eficiary can choose from in their local market, 36 plans offer Part D drug coverage, on average. The average Medicare beneficiary can choose from plans offered by eight firms in 2024, one fewer than in 2023. Two-thirds (66%) of Medicare Advantage plans will not charge an additional premium beyond Medicare’s standard Part B premium in 2024, the same as in 2023. In addition, 19% of Medicare Advantage plans will offer some reduction in the Part B premium (also known as “money back”) in 2024, similar to 2023. In 2024, nearly all plans (97% or more) offer some vision, fitness, hearing, or dental benefits as they have in previous years, though the scope of coverage for these services varies. PART D In 2023, more than half of all people with Medicare Part D coverage (56%) are enrolled in Medicare Advantage plans and 44% in stand-alone drug plans. While the market for Part D coverage overall remains robust, for the average beneficiary the number of stand alone drug plan options for 2024 is lower and the number of Medicare Advantage plans with drug coverage options is higher than in any other year since Part D started. The total number of stand-alone drug plans (709) and firms offering these plans (11) have declined from 2023. The analysis also shows that, on average, monthly premi ums for drug coverage are substantially higher for stand alone plans compared to Medicare Advantage plans with

CONFERENCES

September 11-13 Rise West Colorado Springs, CO www.west.risehealth.org

July 22-23 Ms. Medicare 2024 Cleveland, OH www.msmedicare.org

April 22-24 MedicareCon Las Vegas, NV www.medicarecon.com

March 11-13 Medicare and Margaritas Orange Beach, AL www.medicareandmargaritas. com

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