Medicare Private Plans Would See 8% Revenue Jump Under Proposal

The private Medicare plans that provide benefits for roughly 27 million beneficiaries would see a nearly 8% spike in program revenue in 2023, under a proposed rate increase announced Wednesday by the Biden administration.

Medicare Advantage plan payments would see an “effective growth rate” of 4.75% in 2023, under the Centers for Medicare & Medicaid Services’ Advance Notice proposal.

The final rate announcement will be published by April 4. The CMS uses the advance notice and rate announcement process to implement various payment policy changes for Medicare Advantage and Part D prescription drug plans. Medicare Advantage plans are offered by ...