On April 5th, 2023, CMS announced the extension of the Value-Based Insurance Design (VBID) Model.
The VBID Model aims to increase use of high value services, while increasing flexibility of participating Medicare Advantage organizations to provide targeted supplemental benefits to meet the needs of their enrolled population.
Starting in calendar year (CY) 2024, the VBID Model will be testing several model components, some new and some existing. Participating health plans will be required to engage in the Wellness and Health Care Planning component of the VBID Model in CY2024 in addition to testing one or more of the other interventions in CY2024. These model components include:
Key VBID Facts:
Participating organizations must report supplemental benefit utilization to CMS twice annually. Included in this reporting requirement under the Flexibilities component are supplemental benefits for food and nutritional insecurity, transportation barriers and living supports.
Reporting Requirements: (From CMS MA Reporting Technical Manual)
The core elements of the VBID Model cover health care planning, supplemental benefit provision, rewards and incentives and extra hospice support. Health plans can apply to tailor the optional elements based on CMS provisions to best meet member needs.
Starting with the 2024 VBID Model, each plan is required to submit a VBID Health Equity Plan. This contains the health plan’s strategy to advance health equity through participation in the VBID Model.
Participating health plans should expect to receive provisional approval on their CY2024 Medicare Advantage VBID applications in Mid-May.
Is your plan equipped to implement your VBID model in 2024? Medicare Advantage Organizations must consider their supplemental benefit vendor readiness, strengthening their quality and population health programs and ensuring medical management preparation for the new VBID program year.
ProspHire’s Medicare experts are prepared to support your organization in planning for VBID success.