Mutual of Omaha PDP Exit
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- Start date
58 stand alone plans in our state when Part D started. 19 plans today.
Florida is in the same boat. Just a few years ago, we had something like 34 different plans.
Today we only have 20. Most of which are not very competitive, and half are expensive with premiums north of $60/mo
With MoO leaving, we will be left with only 17 plans. I don't have many clients with MoO part D plans, but the extra options were nice to have..
oh gosh, I hope not. Although Cigna doesn't have the greatest start rating, their Saver plan is actually somewhat competitive in Florida. If they leave too, that will only leave 5 carriers offering plan in Florida. 2 of which haven't been competitive in years
Cigna sold MC biz. Closing deal in 2025. Doubt they will bail ahead of the closing
The Congressional Budget Office (CBO) estimates that spending on Part D benefits will total $120 billion in 2024, representing 14% of net Medicare outlays (net of offsetting receipts from premiums and state transfers).
Financing for Part D comes from general revenues (74%), beneficiary premiums (14%), and state contributions (11%). The monthly premium paid by enrollees is set to cover 25.5% of the cost of standard drug coverage.
For 2024, Medicare’s actuaries estimate that Part D plans will receive direct subsidy payments averaging $383 per enrollee overall, $2,588 for enrollees receiving the LIS, and $1,153 in reinsurance payments for very high-cost enrollees; employers are expected to receive, on average, $591 for retirees in employer-subsidy plans. Part D plans also receive additional risk-adjusted payments based on the health status of their enrollees, and plans’ potential total losses or gains are limited by risk-sharing arrangements with the federal government (“risk corridors”).
www.kff.org
The real question that should be asked is this. How much longer will CMS continue to fund fat cat insurance carriers that promote MA plans?
Medicare spending for Medicare Advantage enrollees was $321 higher per person in 2019 than if enrollees had instead been covered by traditional Medicare. The Medicare Advantage spending amount includes the cost of extra benefits, funded by rebates, not available to traditional Medicare beneficiaries.
The higher Medicare spending per Medicare Advantage enrollee, compared to spending for similar beneficiaries under traditional Medicare, contributed an estimated $7 billion in additional spending in 2019.
www.kff.org
Financing for Part D comes from general revenues (74%), beneficiary premiums (14%), and state contributions (11%). The monthly premium paid by enrollees is set to cover 25.5% of the cost of standard drug coverage.
For 2024, Medicare’s actuaries estimate that Part D plans will receive direct subsidy payments averaging $383 per enrollee overall, $2,588 for enrollees receiving the LIS, and $1,153 in reinsurance payments for very high-cost enrollees; employers are expected to receive, on average, $591 for retirees in employer-subsidy plans. Part D plans also receive additional risk-adjusted payments based on the health status of their enrollees, and plans’ potential total losses or gains are limited by risk-sharing arrangements with the federal government (“risk corridors”).
An Overview of the Medicare Part D Prescription Drug Benefit | KFF
This fact sheet includes the latest information and data about the Medicare Part D prescription drug benefit, including current plan information, the standard benefit parameters, low-income assistance, the latest available enrollment data, and Part D program spending and financing. It also...
www.kff.org
The real question that should be asked is this. How much longer will CMS continue to fund fat cat insurance carriers that promote MA plans?
Medicare spending for Medicare Advantage enrollees was $321 higher per person in 2019 than if enrollees had instead been covered by traditional Medicare. The Medicare Advantage spending amount includes the cost of extra benefits, funded by rebates, not available to traditional Medicare beneficiaries.
The higher Medicare spending per Medicare Advantage enrollee, compared to spending for similar beneficiaries under traditional Medicare, contributed an estimated $7 billion in additional spending in 2019.
Higher and Faster Growing Spending Per Medicare Advantage Enrollee Adds to Medicare's Solvency and Affordability Challenges | KFF
This analysis finds that Medicare spending for Medicare Advantage enrollees was $321 higher per person in 2019 than if enrollees had instead been coverage by traditional Medicare, leading to an estimated $7 billion in additional spending in 2019. It also examines the implications of expected...
www.kff.org
InsuranceGuy29
Guru
- 405
The more government meddles, the more things get f'd up. The more things get f'd up, the less choice people have. The less choice people have, the more people pay. The more people pay, the less benefits they receive. Welcome to the health insurance world in 2024. 
