Posts Tagged: Medicare AdvantagePERSPECTIVES: Eliminate Cost Sharing from Insurance Plans
Cost sharing is the system by which health insurers charge members a portion of payments for health care services as copayment or coinsurance. For example, Medicare Part B covers only 80% of most medical service costs, and members are responsible for paying the remainder of the bill. This current cost-sharing system is needlessly complex and costly to administer. Why?
A more logical system would be that a member pays only the insurance premium and is either covered or not covered for benefits in an insurance plan. In other words, we should consider getting rid of cost sharing. Eliminate deductibles on the same principle. In a system based on plans without deductibles, coinsurance, or copayments, it would be much easier for members to understand their plan’s benefits. Bills would be less confusing, resulting in fewer calls to Member Services with billing questions. Additionally, members would be able to budget their household finances because their insurance bill would be a fixed amount, not one that has to be recalculated every time they access a benefit. For people on fixed incomes and others on tight budgets, this change would be very valuable.
Posts Tagged: Medicare Advantage6 Traits of a Great Consulting Partner
In the world of Medicare and Medicaid, choosing a consulting partner to help streamline your health plan’s operations can be tricky. While a company or individual may be well-versed in best practices for project management or operational efficiency, they may not understand the unique requirements of the payer market – making them less than effective at addressing your needs.
With that in mind, below are six traits to look for when choosing a consulting partner to work with your health plan: Read more »
Posts Tagged: Medicare AdvantageHow a Medicare Advantage Voucher Program could be the Next Medicare Part D
With 10,000 Americans entering Medicare every day, the health plan industry continues to expand. In 2015, 55.5 million people were enrolled in Medicare. By 2020, that number is expected to increase to 64.4 million, and to balloon to 81.8 million by 2030.
Yet, of the current 55.5 million Medicare beneficiaries, only a third are enrolled in Medicare Advantage (MA) plans. There is plenty of opportunity for MA plans to grow – and it could happen sooner than most people think, especially if certain factors come into play.