Medicare Cost Sharing Information Regarding Medicare Advantage and Prescription Drug Plans

CMS Releases 2022 Premium and Cost Sharing Information Regarding Medicare Advantage and Prescription Drug Plans

The CMS (Center for Medicare & Medicaid Services) released this year 2022 premiums, deductible, and other informative details for Medicare Advantage and Drug Prescription Part D Plans earlier this year at the time of the annual Medicare Open Enrollment to help Medicare participants decide which coverage may fit their healthcare needs according to their budget and requirements. The average premium for Medicare Advantage plans is generally lower in this year 2022 which is $19/month as compared to $21.22 in the last year 2021. While projected enrollments continue to decrease. According to the previous announcements, the average 2022 premium for Part-D Drug Prescription Coverage will be $33 per month which is lower compared to the 2021 year which was $31.47.

CMS Administrator Chiquita Brooks-LaSure said, “We are committed to ensuring that the health system and Medicare work for people, their families, and their providers”. “Open Enrollment is the one time each year when more than 63 million people with Medicare can review their health care coverage to find new plans or change existing plans, discover extra benefits and help them save money.”

The increasing number of Medicare Advantage with dual-eligible special needs plan covers both Medicare and Medicaid Services for people who are dually eligible. In the current year 2022, a total of 295 plans will cover the Medicare Services and Medicaid Covered Behavioral Health Treatment or long-term services and support through a single organization which is higher than the last year 2021 and total plans were only 256.

This topic needs a detailed discussion and for more information please read CMS 2022 Premium and Cost Sharing Information Press Release.

What it means for Healthcare Providers:

• Increased number of elderly patients covered by Medicare
• Increased number of claims to be billed to Medicare and Medicare Advantage Plans
• Need a Reliable Healthcare Management System such as EHR or Practice Management System to ensure that you can deliver great quality services
• Need a great Medical Billing Company that can help your healthcare organization submit clean claims submission and get the possible reimbursement

Medical Billing Companies Workflow Effect on Healthcare Revenues:

You may be wondering how Medical Billing Companies‘ internal workflow can help to improve the healthcare facilities’ revenue. We believe that healthcare professionals are trained for many years to focus on patient care and we should not let them provide divided attention to their patients and spare some time for Medical Billing tasks. The finest way to get things done in a timely fashion and get the maximum reimbursement is to let the industry experts work on their tasks so we all could focus on something we are passionate about. A Medical Billing Services Company that could focus on your claims pre-submission audit, clean claims submission, claims clearinghouse rejections, denials, and payment posting could be a great addition to your business to make improvements this year.

If you are looking for the right Medical Billing Solution Provider, to streamline your healthcare practice workflow, contact us today and we will reach out with a customized RCM Solution for you.