Both Medicare Advantage and Part D plans come from private companies that must be approved by CMS. However, Medicare rates these plans each year. They use a five-star rating system and publish rankings at the beginning of open enrollment each fall. These ratings are actually very important to consumers and insurance companies.
Medicare’s 5-Star Medicare Advantage and Part D Rankings
The actual one- to five-star ratings is based upon a number of different individual ranking factors. For the health plans, they include how well plan members stay healthy, how well members have liked their plan, and how well the insurance company responds to customer service issues. For drug plans, ratings include customer service, pricing, and experience. You can have access to these ratings through the CMS website.
These ratings are very important to insurance companies too. For example, Medicare reports that the number of five-star plans has been increasing and the number of poorly rated plans has been decreasing. This only makes sense a plan members will tend to gravitate towards highly ranked plans and insurers know it.
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