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LOUISVILLE, Ky.--(BUSINESS WIRE)--Oct 1, 2022--
Humana Inc. (NYSE: HUM) today released details of its Medicare Advantage and Medicare Prescription Drug Plan offerings for 2023 – with a clear focus on benefits and support based on what its members have said they want and need.
The news comes after the company’s pledge earlier this year to identify $1 billion in cost savings to invest back into its Medicare Advantage program and CenterWell healthcare services.
Humana – ranked No. 1 among health insurers for customer experience quality in Forrester’s proprietary 2022 U.S. Customer Experience Benchmark survey – is offering a wide range of cost-effective and flexible plans to meet the diverse needs of millions of Medicare-eligible individuals during the Annual Election Period Oct. 15-Dec. 7.
“When you sum up what Humana is offering this year, it’s as simple as this: Our members spoke, and we listened,” said George Renaudin, Medicare President for Humana. “We conducted extensive research to ensure our changes align with consumer wants and needs. This research resulted in investments focused on what consumers want, like dental coverage, which is consistently a #1 priority in supplemental benefits for our members.”
Humana’s goal as it designed plans for 2023 was to ensure benefit stability or improvement for current Humana members. Humana will also expand Medicare HMO offerings into 260 new counties and introduce Medicare LPPO plans in 260 new counties – marking a significant opportunity to serve an additional 4.6 million Medicare-eligible individuals across the country. This includes plans to expand its Dual Eligible Special Needs Plans (D-SNPs) to 184 new counties. For the first time, LPPO plans will be available in California, Rhode Island and Wyoming, and D-SNPs are being added in South Dakota, Wisconsin and Wyoming.
MEDICARE ADVANTAGE (PART C)
Medicare Advantage plans combine the benefits of original Medicare and may include other options, like dental, vision, hearing and prescription drugs. Original Medicare includes hospital insurance (Part A, which is free for individuals eligible for Medicare who have paid payroll taxes for at least 10 years) and medical insurance (Part B, which has a premium and deductible, and requires copays for many services). Medicare Advantage covers Parts A and B in addition to other health and wellness benefits and services, such as routine dental, vision and hearing care on many plans, and often includes Medicare prescription drug coverage (Part D).
Many Humana Medicare Advantage plans also include predictable copayments and no deductibles for many services, maximum out-of-pocket protection, and innovative offerings such as fitness programs, flexible spending accounts and transportation benefits.
Humana’s 2023 Medicare Advantage Updates
MEDICARE PART D (PRESCRIPTION DRUG PLANS)
Original Medicare doesn’t cover most prescription drugs, so individuals who enroll in original Medicare need to sign up for a stand-alone prescription drug plan through a private insurer, like Humana, to cover medications. Adding a Prescription Drug Plan (PDP) to original Medicare or a Medicare Supplement plan offers an important layer of protection against high healthcare costs. Updates to Humana PDP plans include:
MEDICARE SUPPLEMENT INSURANCE (MEDIGAP)
A Medicare Supplement Policy, offered by Humana for individuals who prefer original Medicare, can help pay some of the health care costs (“gaps”) original Medicare Parts A and B do not pay, such as deductibles, copayments and coinsurance. After Medicare pays its share of the approved amount for covered health care costs, the Medicare Supplement Policy pays its share of covered benefits. There are no provider networks with Medicare Supplement Insurance plans, and the policies are guaranteed renewable with no changes to benefits year to year.
Multicultural support. Humana is investing in multicultural experiences to support varying cultural norms around healthcare. With in-language providers and in-language physician finders, sales agents fluent in multiple languages, enrollment books and webpages available in Spanish, Korean and Chinese, Humana is focused on connecting with beneficiaries in the language in which they will best understand their options to make an informed decision about their healthcare.
For More Information. Humana offers in-person, online, telephone enrollment options. All enrollment options will connect Medicare beneficiaries with a licensed sales agent. Visit www.Humana.com/Medicare or call toll-free 1- 888-372-2614 (TTY: 711). Licensed sales agents are available 8 a.m. to 8 p.m. local time, seven days a week.
Humana has served Medicare beneficiaries for nearly 40 years, with nearly 8.7 million Medicare members in all 50 states, Washington, D.C., and Puerto Rico, as of June 30, 2022. Nearly 5.1 million of those members are enrolled in a Medicare Advantage plan.
About Humana
Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.
To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience with the goal of making health care easier to navigate and more effective.
More information regarding Humana is available to investors via the Investor Relations page of the company’s website athumana.com, including copies of:
About Medicare Advantage
Medicare Advantage delivers financial savings to members in the form of lower out-of-pocket costs and reduced premiums. Medicare Advantage members reported spendingnearly $2,000 less on out-of-pocket costs, compared to fee-for-service Medicare. Medicare Advantage plans also have limits on out-of-pocket costs. These financial protections may be critical for older Americans on fixed incomes.
Unlike fee-for-service Medicare, Medicare Advantage plans often include affordable prescription drug coverage. For Humana members, 100 percent of the savings achieved through manufacturer rebates and discounts in pharmacy programs are returned to members through lower premiums and improved benefits.
Medicare Advantage plan members had more than a30 percent lower level of emergency room visits, and 40 percent lower level of inpatient hospital care, compared to beneficiaries with fee-for-service Medicare. In addition to improving health, these outcomes demonstrate real savings for people with Medicare and the health system. Medicare Advantage plans reinvest these savings by expanding supplemental benefits, supporting providers and coordinating care.
Additional Information
Humana is a MedicareAdvantage HMO and PPO organization with a Medicare contract. Enrollment in any Humana plan depends on contract renewal. Other providers are available in the Humana network.Allowance amounts cannot be combined with other benefit allowances. Limitations and restrictions may apply.
The Humana USAA Honor with Rx plan is available to anyone eligible for Medicare and veterans should consider all of their health plan options.
The Humana Prescription Drug Plan (PDP) pharmacy network includes limited lower-cost, preferred pharmacies in urban areas of CT, DE, IA, MA, MD, ME, MI, MN, MO, MS, MT, ND, NH, NJ, NY, PA, RI, SD, WY; suburban areas of CA, CT, DE, HI, IL, MA, MD, ME, MN, MT, ND, NH, NJ, NY, PA, PR, RI, VT, WV; and rural areas of AK, IA, MN, MT, ND, NE, SD, VT, WY. There are an extremely limited number of preferred cost share pharmacies in urban areas in the following states: DE, MA, ME, MN, MS, ND, NY; suburban areas of: MT and ND; and rural areas of: ND. The lower costs advertised in our plan materials for these pharmacies may not be available at the pharmacy you use. For up-to-date information about our network pharmacies, including whether there are any lower-cost preferred pharmacies in your area, please call Customer Care at 1-800-281-6918 (TTY: 711) or consult the online pharmacy directory at Humana.com.
Humana received the highest CX Index™ score among health insurers in Forrester’s proprietary 2022 Customer Experience Benchmark Survey. The ranking was based on responses from 12,985 US individuals measuring 17 brands in the industry. The proprietary survey results are based on consumers’ opinions of the experiences with the brands in the survey. Forrester Research does not endorse any company included in any CX Index™ report and does not advise any person to select the products or services of any particular company based on the ratings included in such reports.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20221001005004/en/
CONTACT: Kelli LeGaspi
Humana Corporate Communications
502-519-5161
Klegaspi1@humana.com
KEYWORD: KENTUCKY UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE SENIORS DENTAL PROFESSIONAL SERVICES HISPANIC MANAGED CARE GENERAL HEALTH PHARMACEUTICAL CONSUMER HEALTH
SOURCE: Humana Inc.
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PUB: 10/01/2022 08:00 AM/DISC: 10/01/2022 08:02 AM
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