We've written about the hypocritical nature of Joe Biden's attacks on the Republicans over Social Security and Medicare, with the Biden administration targeting Medicare Advantage.
Almost 50 percent of the people eligible for Medicare opt for Medicare Advantage, so anything that would affect the program could affect a lot of people.
The 2024 Medicare Advantage and Part D Advance Notice, released in February, proposed a 1.03 percent average Medicare Advantage revenue increase driven by a 2.09 percent growth rate, but insurers have argued that because of other changes, it would represent a 3.7 percent cut.
Hern warned where Biden was going with this, "Biden just cut nearly $5 billion in funding for Medicare Advantage, and this is just his first step. The end goal is to get everyone - not just seniors - onto government-controlled, Medicare-for-All plans."
Pierluisi told the Biden administration that the preliminary plan to regulate 2024 Medicare Advantage reimbursements, which could lead to a reduction of $800 million annually in payments to these health plans on the island, would represent "The biggest cut in federal funds for health care in Puerto Rico's history." Pierluisi called on Secretary Xavier Becerra to stop the changes in Medicare Advantage plan reimbursements.
Now they've finalized the Medicare Advantage rates for 2024, according to Bloomberg, and they would reportedly result in a 1.12 percent cut for plans, after stripping out the expected impact of how plans report patient illnesses.
It's a bit of smoke and mirrors here, yet they're still going down the same problematic road. Bloomberg notes, insurers "Will now have to determine whether to maintain generous benefits that help attract customers, such as zero premiums" or fall back on "More costly plans." Either way, it is not going to be good for the 30 million Medicare Advantage consumers, and that's going to be right at the foot of the hypocritical Biden administration.
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