Can you believe we’re eight months into 2023? In just a few short weeks, Medicare’s Annual Election Period will begin, quickly followed by the holiday season and a brand new year! We already have people asking what is the best Medicare plan in Phoenix in 2024?
Our job at Local Medicare Specialists is to keep you informed about upcoming Medicare changes and be on the lookout for updates to the Medicare program. We’ve already got some insights on the best Medicare plans in 2024, and today we’re going to share that news!
Medicare Supplements remain a popular choice among Medicare beneficiaries in Phoenix. Many of the same trends we saw in 2023 will remain true in 2024.
Even though beneficiaries have about ten Medicare Supplements to choose from, most people choose either Plan G or Plan N. Plan F used to be the most popular Medicare Supplement in Phoenix, but it has gotten less attention in recent years. The reason for its decline is that no one who turned 65 after 2019 is eligible to enroll in Plan F. Individuals who are just now transitioning to Medicare don’t have Plan F as an option, which actually isn’t a bad thing at all.
Premiums for Plan F will continue to increase in 2024. Since most Medicare Supplement premiums increase with age, we are seeing the average premium for Plan F be considerably higher than the other two popular options. In almost all cases, it makes more sense for beneficiaries to choose Plan G or Plan N. Those two options offer slightly less coverage, but their lower premiums make up for the missing benefits.
Plan G will probably remain the most popular Medicare plan in Phoenix in 2024. People love the predictability Plan G provides, as well as the flexibility to choose providers, which is true of any Medicare Supplement plan.
We also predict that we will see an increase in Plan N enrollees. Plan N and Plan G are almost identical. The most notable difference is that Plan N requires copayments for office and emergency room visits. However, those minor copays are often worth the lower premiums. Beneficiaries will save an average of $40 per month by enrolling in Plan N instead of Plan G.
Like Medicare Supplements, Part D prescription drug plans vary in their premiums. The rule of thumb is that the more coverage they offer, the higher the monthly premium. We may not be able to tell you exactly how Part D plans in Phoenix will be priced in 2024, but we can use some information from the Centers for Medicare and Medicaid Services (CMS) to give you an idea about what to expect.
At the end of July, CMS released its projections for Part D premiums. They are expected to average around $55.50 per month, which is a slight decrease from the average Part D premium in 2023. CMS cited the Inflation Reduction Act as one of the reasons for the stable premiums.
We’ll know more about Part D premiums in early October. Medicare’s Annual Election Period (AEP) will give you the opportunity to review the changes to your Part D plan and shop for other prescription drug plans if you choose. AEP begins October 15, though your current Part D carrier will inform you about changes, including changes to your premium, at the end of September.
The Annual Election Period is also vital to anyone enrolled in a Medicare Advantage (Part C) plan. As we do every year, we’ll be seeing changes in almost every plan on the market. This could mean changes to the premium, deductible, cost-sharing, and covered benefits.
The great thing about Medicare Advantage plan changes is that they’re almost always positive. Insurance companies are constantly competing for your business, so we usually see them offer lower cost-sharing amounts or an increase in extra benefits.
CMS has not yet released its predictions for the average cost of Medicare Advantage plans in Phoenix, but we expect them to remain about the same as they are in 2023. Currently, the average cost for a Medicare Advantage plan is $18 per month. However, many Part C plans in Phoenix come in under that amount. In fact, most beneficiaries have access to at least one $0 Medicare Advantage plan.
Next month, you’ll be able to explore Medicare Advantage plans in your area. We hope to continue to see great offerings from carriers like Aetna, Blue Cross Blue Shield, Cigna, Devoted Health, Humana, UnitedHealthcare, and Wellcare.
Remember to keep an eye out for the Annual Notice of Change (ANOC), which should be hitting your mailbox at the end of September.
We’re just a month away from the start of the Annual Election Period. AEP is the most important time of year for all Medicare beneficiaries. Even if you love your current plan, it’s important you take the time to review any changes that might be affecting your plan in the upcoming year.
Call the Local Medicare Specialists today to schedule an appointment to review your current Medicare plans. We’ll let you know about any changes being made to your plan and let you know about options that might be an even better fit for you!
Our services are always free to you, so don’t hesitate to find a local Medicare advisor near you today.
Schedule a FREE Medicare plan consultation with an agent in your neighborhood.
LocalMedicareSpecialists.com is privately owned and operated by LMS Insurance LLC. LocalMedicareSpecialists.com is a non-government resource for those who depend on Medicare, providing Medicare information in a simple and straightforward way.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area which are United Healthcare, Aetna, Humana, Cigna, Blue Cross Blue Shield of Arizona, Centene, Devoted, and Scan. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.