The number of Minnesotans turning 65 this decade is about 285,000 – more than in the past four decades combined. As these Baby Boomers age into retirement, they also enter their years of Medicare eligibility.
Fairview already has great services and resources for these seniors: from primary care and specialists and pharmacies, to home care, to our Ebenezer senior living communities, to hospice. Last year, we launched Caregiver Assurance for people trying to help seniors live in their own homes longer.
This year, we also wanted to better serve seniors from the health insurance perspective.
Because of a change in federal law, more than 300,000 Minnesotans on Medicare need to shop for new plans this fall. A popular type of plan called a “Cost plan” can no longer be sold in most counties for 2019.
We responded by introducing two new Medicare Advantage plans with our partners UCare and Blue Cross and Blue Shield of Minnesota. Anticipating that thousands of our own patients would be affected by the loss of Cost plans, we wanted to create new options that would allow them to take advantage of the full scope of our services.
What’s different about our new Medicare Advantage plans, compared to the other Medicare plans we’ve been participating in, is that they have an “accountable care” model. We’re accountable for treating people when they’re sick – and keeping them well.
In this model, our system is compensated based on health outcomes, not just fee-for-service. We assume more financial risk for these patients.
From a financial perspective, seniors are an important group for any health system. They represent an $8 billion market in health care. Adults age 65 and older account for 34 percent of personal health care spending, despite being only 13 percent of the population.
If we serve them well — giving them the highest quality care while managing costs — our seniors will enjoy healthy lives and Fairview will enjoy a healthy future.
Learn more about our new Medicare Advantage plans.