The Annual Enrollment Period (AEP) is an important time for Medicare beneficiaries to review their coverage and make any necessary changes for the upcoming year. From October 15 to December 7, seniors have the opportunity to switch Medicare Advantage plans, enroll in a prescription drug plan, or make other adjustments to ensure they have the best possible coverage.

To learn about AEP and what the upcoming period means, check out our article “Navigating the Annual Enrollment Period (AEP): A Guide for Seniors.”

As AEP 2024 approaches, here are five key changes to watch for in Medicare plans that could impact your healthcare choices and costs: 

1. Increased Focus on Telehealth and Virtual Care

In response to growing demand for virtual healthcare services, many Medicare Advantage plans are expanding their telehealth offerings. These services have become essential for seniors who want convenient access to healthcare professionals from the comfort of home. In 2024, expect to see:

  • Expanded Telehealth Coverage: Plans may offer more virtual visits for routine care, mental health services, and even specialty consultations.
  • Lower Costs for Virtual Visits: Many plans are reducing out-of-pocket costs for telehealth services to encourage beneficiaries to take advantage of virtual care.

If telehealth is important to you, review the telehealth options available in your plan and compare them to other offerings in your area. 

2. Adjustments to Prescription Drug Coverage

Prescription drug coverage, or Medicare Part D, is one of the most critical aspects of any Medicare plan. For 2024, several changes may affect your out-of-pocket costs for medications, including:

  • Changes to Drug Formularies: Drug lists (formularies) are updated annually, which may impact whether your current medications are covered or if there are changes in costs.
  • New Tier Structures: Some plans are adjusting their tier structures, which could change how much you pay for certain medications.
  • Lower Insulin Costs: A continued push for affordable insulin means some Medicare Advantage and Part D plans may further reduce insulin costs in 2024.

It’s essential to review your plan’s drug formulary during AEP to ensure your prescriptions are still covered and affordable. 

3. Expanded Fitness and Wellness Benefits

Staying active is key to healthy aging, and more Medicare Advantage plans are adding or expanding fitness and wellness benefits. In 2024, you may find:

  • Increased Access to Gym Memberships: Plans offering programs like SilverSneakers may expand coverage to more gyms and wellness centers.
  • Holistic Wellness Programs: Some plans are introducing benefits that cover nutritional counseling, mental health resources, and even meditation or yoga classes.

If fitness is a priority for you, look for a plan that offers these enhanced wellness benefits to help you stay active and healthy. 

4. Improved Coverage for Chronic Conditions

Many Medicare Advantage plans are tailoring their benefits to better support seniors with chronic conditions such as diabetes, heart disease, or COPD. For 2024, this may include:

  • Specialized Care Plans: Some plans offer targeted benefits for managing chronic conditions, including access to disease management programs and specialist care.
  • Lower Costs for Chronic Care Medications: Plans may reduce out-of-pocket costs for medications used to treat chronic illnesses.

If you’re managing a chronic condition, it’s worth looking into plans that offer enhanced support for your specific healthcare needs. 

5. Changes to Premiums and Out-of-Pocket Costs

Every year, premiums, deductibles, and copayments can change in Medicare Advantage and Part D plans. For 2024, expect to see:

  • Premium Increases or Decreases: Some plans may raise premiums to account for expanded benefits, while others might offer lower premiums with more streamlined services.
  • Changes in Out-of-Pocket Maximums: The maximum amount you’ll pay out-of-pocket for medical services could change, which may affect your overall healthcare budget.
  • New Cost Structures for Services: Review how costs for services like doctor visits, hospital stays, and preventive care are changing in your plan. 

It’s important to review your current plan’s costs and compare them with other available options to make sure you’re getting the best value. 

Conclusion

As AEP 2024 approaches, it’s essential to stay informed about the key changes that could impact your Medicare coverage. From telehealth services to prescription drug costs and fitness benefits, reviewing your options can help you make the most of your healthcare coverage in the coming year. Take the time to explore your plan options, compare costs, and ensure that your Medicare plan aligns with your health and financial needs.

At Flagship Health, we’re here to help you navigate these changes and find the Medicare plan that’s right for you. Contact us today for personalized assistance in Texas and Colorado, and take charge of your healthcare during AEP 2024: https://flagshiphealth.org/contact.