Alphabet, Google’s parent company will be investing
in the Medicare Advantage market, to the tune of $375.
Medicare Advantage is a form of Medicare that offers more flexibility and choice, and is therefore more similar to private insurance. Only plans approved by Medicare may offer Medicare Advantage. Many of the big players in the health insurance field, such as Blue Cross and Blue Shield, Aetna, and Anthem, already offer Medicare Advantage plans. Plan options can include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Private Fee-for-Service Plans (PFFS),
Medicare Advantage is becoming an increasingly popular choice for seniors. Medicare Advantage enrollment is currently chosen by less than 35% of Medicare beneficiaries, approximately 20 million Americans. Analysts predict that by 2025, that percentage will rise to 50%, covering
38 million Americans.
The advantage of Medicare Advantage is also growing. The Centers for Medicare and Medicaid Services (CMS) just finalized new policies allowing Medicare Advantage programs to include services “that increase health and improve quality of life, including coverage of non-skilled
in-home supports and other assistive devices.”
However, Original Medicare still provides some coverage that Medicare Advantage does not,
for example, hospice care. Even that is subject to change, as the Trump administration continues to expand the privatization of Medicare.
With some Medicare Advantage plans already offering services such as vision care and dental care, these new policies may reshape Medicare for most Americans.
Alphabet is investing its $375 million in Oscar Health, a New York–based health insurance startup that became one of the fastest-growing insurers in the country under Obamacare.
It plans to unroll its Medicare Advantage plan in 2020.
Medicare Advantage already has a substantial hold on the Medicare market. And with the entrance of Google, Medicare Advantage may soon hold the decisive advantage for many Medicare beneficiaries.
To see how changes in Medicare affect your loved one’s coverage, call Hamilton Grove Healthcare and Rehabilitation Center, in Hamilton, NJ, by calling 609-588-5800 or by clicking here.