Private Medicare Plans to See 8.5% Increase in Revenue for 2023

The private Medicare plans that provide program coverage for roughly 27 million beneficiaries will see an 8.5% increase in revenue next year, the Biden administration said Monday.

The revenue increase for Medicare Advantage plans in the 2023 Medicare Advantage Capitation Rates and Part C and Part D Payment Policies rate announcement is about half a percentage point more than the roughly 8% increase proposed in February.

And the 4.88% “effective growth rate” for MA plan payments next year is up from a 4.75% increase that the Centers for Medicare & Medicaid Services included in its advance notice in February.

The ...