Medicare Advantage Plans May Be Cheaper in 2011
Well, this website has posted some grim news for boomers and seniors lately. Social Security beneficiaries may not expect an increase in 2011. Most “underage” (under 65) health insurance premiums will probably increase. But the Obama administration and CMS has announced that we can expect lower Medicare Advantage (MA) rates next year.
By the way, if you are not sure what Medicare Advantage plans are, or how they are different from Medicare Supplements, you may want to revisit this page – Medicare Advantage vs. Medicare Supplements.
New health reform legislation gave CMS (Center for Medicare and Medicaid) officials more power to negotiate with the private insurers that actually provide the MA programs. They also have more authority to reject bids. This power, according to CMS, has helped hold down rates.
The average decrease is only expected to be about 1%, so it may not be something to cheer about if you are a senior on a tight budget. But, in a time when private insurers are expected to raise many policies by 20% or more, it is good news. CMS also kept insurers, in several cases, from raising the out of pocket costs that beneficiaries would have to pay for covered services.
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