Medicare 2023: Biden Proposed Changes to Insurance Offering Medicare Advantage

Some advertisements claim that the U.S. President’s administration proposes cuts to the Medicare Advantage. However, Biden has reportedly only proposed to change how insurance companies that provide Medicare Advantage will be paid.

Some advertisements have recently claimed that the U.S. President’s administration is proposing to cut the benefits of the Part C of the Medicare 2023. However, Joe Biden has only proposed to change how insurance companies that provide Medicare Advantage will be paid. Reports say these changes do not require for the benefits to be cut.

According to Loe, one of the changes that Biden proposed is to allow the federal government to recuperate past overcharges to Medicare 2023 insurance companies. This change is proposed to take effect in April next month. In addition, Biden also proposed an update on how to pay the insurance companies beginning in 2024.

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Parts of the Medicare 2023

An article on the Medicare Interactive states that the Medicare 2023 is a health insurance for beneficiaries aged 65 and older. Nonetheless, an individual below 65 may also be eligible if they have specific disabilities or conditions. However, instead of the federal government, the Medicare Advantage is provided by private companies approved by the program.

Medicare 2023 is composed of four parts: A, B, C and D. The Medicare provided by the U.S. federal government is composed of Part A (hospital insurance) and Part B (medical insurance). On the other hand, the Medicare Advantage (Part C) also includes the Part D that includes prescription drug coverage. These parts may also offer dental, vision, and hearing coverage that are not included in the Parts A and B.

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