Over the past few years, Medicare Advantage, the private plan alternative to Medicare, has expanded and now offers coverage to more people than ever before. As of 2020, more than 24 million Medicare beneficiaries are enrolled in a Medicare Advantage plan.
This comes at a time when the demand for Home Care and specialized plans has also increased due to an aging population, the growing demand to stay home, and the COVID-19 pandemic.
Medicare Advantage is Expanding Plans and Benefits
As of 2020, other patient populations and Medicare Advantage beneficiaries will have access to a wider range of benefits. The high enrollment projections would represent a 44 percent increase since 2017.
“The Medicare Advantage average monthly premium will be the lowest in 14 years (since 2007) for the over 26 million Medicare beneficiaries projected to enroll in a Medicare Advantage plan for 2021,” CMS said in a press release.
Perhaps one of the biggest changes to Medicare Advantage is the addition of more Special Needs Plans (SNPs). In 2021 SNPs are expected to increase from 855 plans to 974 — a 14 percent increase.
Many plans are expanding their benefits regarding chronic disease management. For example, beneficiaries with diabetes will be able to choose from over 1,600 Medicare Advantage and Part D prescription drug plans, all of which offer insulin for a copay of $35 per month.
Enrollees will also have more access to supplemental benefits. As of January 2021, 730 plans will offer around 3 million enrollees benefits regarding in-home support, therapeutic massage, and adult day health services.
The Demand for In-Home Care is Growing
With the number of people covered for additional protections under expanded plans, it’s no surprise the Home Care industry is steadily growing.
According to the US Bureau of Labor Statistics, employment in the Home Care industry is expected to grow by 54% by 2026, meaning roughly 738,000 jobs will be added to the sector to account for growing demand.
As an essential business, Home Helpers® Home Care is proud to be helping our seniors stay healthy and safe during these uncertain times. If you’re someone who’s looking to make a positive difference in the lives of senior citizens, become a part of our successful franchise!
Make someone’s life easier while delivering an exceptional experience by reaching out to our team at (844) 899-8801 or contacting us online.