The Medicare Advantage Plan is used either as stand-alone, known as an MA plan, or together with the Prescription Drug Plan, known as an MAPD plan. There will be limited Medicare Advantage changes in 2014.
Highlights of the Medicare Advantage Changes in 2014
The only major change in Medicare Advantage (Part C) in 2014 will be the use of new medical loss ratio (MLR). Starting in 2014, all Medicare Advantage plans will have to make sure that their MLR is at least 85%, which means that $. 85 (85 cents) out of every $1.00 a plan gets from collecting premiums is spent on members’ Medicare covered health benefits, rather than on administrative costs, marketing, and profits.
Medicare Advantage Enrollment
- The 2014 Annual Enrollment Period (AEP) will start on October 15, 2013 and end on December 7, 2013. Don’t miss it!
- All current Medicare Advantage Plans are annual plans ending Dec. 31, 2013. Insurance companies may either renew a plan for 2014 (with or without changes in benefits/premium), or discontinue a plan.
- If the Medicare Advantage Plan has been renewed and you do nothing during the AEP, you’ll be automatically enrolled into the plan for the year 2014.
- Your new coverage will begin on Jan. 1, 2014.
- You may make more than one election during the AEP. Your final election will overwrite all previously made elections.
- You cannot change your PDP coverage after AEP, unless you are entitled to one of the Special Enrollment Periods (SEPs). You also can leave the plan and switch to Original Medicare during the Medicare Advantage Disenrollment Period (MAPD) (Jan. 1 – Feb. 14, 2015)
To find more about Medicare Advantage Enrollment, see Medicare Enrollment Periods for Medicare Advantage.
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For help finding the best Medicare or Individual Health Plan for you, please contact Liberty Medicare or call us at 877-657-7477.