The federal government may be paying insurers billions more than necessary to cover senior citizens in the popular Medicare Advantage program, a new report has found
In Medicare Advantage, private insurers contract with the federal government to provide coverage to the elderly and disabled in Medicare. About one-third of all Medicare beneficiaries are enrolled in these plans, and that figure is expected to grow in the coming decade, However, insurers are paid based on costs incurred by those in the traditional Medicare program, adjusted for factors such as age and health status.
Read More"It could add up to a substantial amount of money," said Gretchen Jacobson, associate director at Kaiser's Program on Medicare Policy and co-author of the report. The federal government has never had accurate data on Medicare Advantage enrollees' costs or use of services, Jacobson said. Insurers are required to provide this information to officials, but the data often has gaps.
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