Milliman has released its annual update on Medicare Advantage 2024.
Find it here:
The website explains they have one report for general MA plans and a separate report for dual-eligible (Medicare Medicaid) MA plans. Note that MEDPAC has also just released an 80 page report on Dual Eligibles in Medicare - here.
The take-home lesson is that after several years of significant "benefit growth," this has slowed or even reveresed year to year 2023/2024.
Chat GPT offers 5 take-home lessons from the PDF report:
The "2024 Medicare Advantage Annual Report" by Milliman focuses on the valuation and benefit offerings of general enrollment Medicare Advantage plans. Here are five key takeaways:
- Stabilization of Value Added: The average value added of general enrollment Medicare Advantage plans stabilized from 2023 to 2024, showing minimal growth compared to previous years.
- Reduced Premium Reductions and Benefit Enhancements: There were less significant premium reductions and a smaller increase in Part B buydowns. The Part C benefit value saw fewer reductions or remained level, indicating a trend of reduced benefit enhancements.
- Increase in Part D Benefit Value: The value of Part D benefits increased due to programmatic changes mandated by the Centers for Medicare and Medicaid Services, largely influenced by the Inflation Reduction Act.
- Supplemental Benefits Trends: Popular supplemental benefits like dental, vision, hearing, and fitness continue to be key attractions in general enrollment plans, with some increases in limits and new innovative offerings in fitness benefits.
- Growth in Combined Benefits: There's a notable increase in the prevalence of combined (combo) benefits, which include multiple supplemental benefits in one package, reflecting a trend towards offering more flexible and comprehensive benefit options.
This report provides insights into the trends and changes in the Medicare Advantage market, specifically focusing on general enrollment plans and their value propositions to beneficiaries.