Medicare Supplement plans, also known as Medigap plans, are private insurance policies that help pay for costs not covered by Original Medicare such as deductibles, coinsurance, and copayments. As we look ahead to 2024, Humana, one of the largest providers of Medicare plans in the country, will likely be making changes to their Medigap offerings for the new year. This article explores what we might expect from Humana’s Medicare Supplement plans in 2024.
Changes in Availability and Pricing
Each year, insurance providers can make adjustments to the Medigap plans they offer. This includes opening up or closing plans, as well as increasing or decreasing monthly premiums. While we cannot know for certain what changes Humana will implement for 2024 until details are released later this year, if past trends are any guide there will likely be some shifts in plan availability and pricing.
Humana could opt to reduce premiums on certain Medigap plans to remain competitive with other insurers. However, increased healthcare costs and utilization could also compel them to raise rates. Applicants may see fewer plan options if Humana discontinues specific Medigap policies for 2024 or makes them unavailable in certain states and counties. Monitoring Humana’s website as open enrollment gets closer can help consumers see what adjustments are made.
Changes to Benefits Offered
In addition to changes in premiums and service areas, insurers can also tweak the benefits offered from one year to the next. However, when it comes to Medigap the benefits are standardized across insurers for each plan type. This means every Plan G or Plan N will have the same benefits regardless of the insurance provider.
The main aspects that can change are related to additional services the insurer provides with the Medigap coverage. For example, many Medigap policies include vision, hearing, dental, and health & wellness programs. Humana could scale back some of these extra benefits for certain plans in 2024 to help keep premiums in check. However, they may also add or enhance benefits on select policies to attract new members.
New Innovations
It’s likely 2024 will bring new innovations from Humana when it comes to their Medigap offerings for seniors. As an industry leader, Humana is generally at the forefront of developingcutting-edge products and services for Medicare beneficiaries. Some potential innovations we may see include:
- Increased use of technology and telehealth to provide convenient access to doctors for Humana Medigap members. Video visits and remote health monitoring could be components.
- Introduction of fitness trackers, health coaching, and rewards programs to promote activity and wellness among policyholders.
- Partnerships with retailers and pharmacies to offer discounts and special deals to Humana Medigap policyholders when shopping for healthcare equipment, supplements, devices, and prescriptions medications.
- Enhanced customer service options for members like 24/7 phone access to nurses and doctors to answer health questions or e-mail/text alerts to inform policyholders about new wellness incentives.
While these potential innovations involve speculation at this stage, Humana’s focus on integrating technology into the member experience and developing value-added services for policyholders could easily spur creative new offerings to be introduced in 2024 Medigap plans.
What to Do Now to Prepare
With details on 2024 Medigap plans still months away from being finalized, current or soon-to-be Medicare beneficiaries may be wondering what steps they can take now to prepare:
Review Current Coverage If you already have a Medigap policy, examine your coverage and determine if changes may be needed for next year. If you anticipate increased healthcare expenses or want to reduce premiums, switching plans during open enrollment could make sense.
Research Options Use independent websites to explore various insurers’ Medigap options and compare pricing. Humana offers some of the most competitive rates on several plans but check competitors too. Understanding the market can make choosing the optimal plan and insurer easier when 2024 details emerge.
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Get Ready to Enroll
Verify your Medicare enrollment timeline so you know when you can sign up for 2024 coverage. Have a list ready of medications you take, healthcare providers you want to keep. And a budget for premiums so you can find a suitable fit quickly during the enrollment window.
Seek Unbiased Guidance Independent brokers and Medicare advisors can answer questions and provide plan recommendations tailored to your needs and budget. Consulting one early simplifies selection from the wide range of choices.
Staying informed on industry trends and proactively preparing means you can take advantage of open enrollment. When details on Humana’s 2024 Medicare Supplement offerings become available later this year. Reach out now to get answers to your questions.
Conclusion
While plan specifics will remain uncertain for some months yet. We can expect to see changes with Humana Medicare Supplement policies for 2024. Pricing fluctuations, adjustments to plan availability and benefits, plus new product innovations seem highly probable. Reviewing your existing coverage, researching all options. And seeking unbiased guidance ensures you can find optimal supplemental protection to pair with Medicare when open enrollment arrives. Being an educated consumer sets you up to make the best choice.
