If you are not already selling Medicare Advantage plans, 2023 is a great time to start. Plans are expanding their benefits and are only expected to grow in popularity. Whether for costs, coverage or convenience, these plans are a hit with your target clients.
Medicare Advantage Plans are Expanding Benefits
Especially in response to the pandemic, more Medicare plans have expanded their benefits to keep telehealth coverage and even virtual assistance. In 2023, you will find more plans with social needs benefits, savings programs and Part B buyback. Many plans also have discounts for fitness club memberships, transportation to doctor visits, over-the-counter reimbursement benefits, and other wellness needs. Offering plans with those benefits shows clients that you understand their needs for whole-body wellness.
Enrollment is Growing
Medicare Advantage plans are showing a trend of increased enrollments. Around 40 percent of Medicare beneficiaries have a Medicare Advantage plan, and those numbers are expected to be closer to 50 percent by 2030. Offering Medicare Advantage plans not only makes good business sense but caters to the existing and future needs of your beneficiaries. With that popularity as a product, insurance carriers continue to improve their plan offerings to entice enrollment.
Medicare Advantage fills Gaps in Original Medicare
It’s no secret that Medicare beneficiaries seek supplemental coverage. If they were to stick with Original Medicare, Part A and Part B, they would have gaps in coverage that leave out dental, vision and hearing care, among others. If your clients have the healthcare expenses and budget to go with a Medicare Supplement plan, they can get help with some costs but have no assistance with these gaps in coverage.
Medicare Advantage plans give your clients access to affordable dental, vision and hearing coverage without having to purchase separate insurance. That convenience means that your clients submit all claims with the same insurance company and have simplified statements, even if they have to pay additional premiums for those benefits.
Another crucial point in favor of Medicare Advantage plans is their out-of-pocket maximum. There is no limit to the expenses beneficiaries pay under Original Medicare, which is why having a cap is important to many clients. Speak to their wallets with that standardized limit.
Meet Your Clients’ Needs with Medicare Advantage
Medicare plans are not personalized, which means that having a wide variety of offerings gives you a better chance of finding your clients the coverage and costs that meet their needs. Selling Medicare Advantage plans in 2023 is a good way to keep up with the improvements, expanded benefits and continued market demand for more coverage and controlled costs.
