Cook the elbow macaroni according to package instructions until al dente. Drain and set aside.
In a large skillet, heat olive oil over medium heat. Add the diced chicken, salt, black pepper, garlic powder, onion powder, and red pepper flakes (if using). Cook for about 5-7 minutes, or until the chicken is cooked through and no longer pink.
Drizzle the honey over the cooked chicken and stir to coat. Cook for an additional 1-2 minutes until the honey caramelizes slightly. Remove the chicken from the skillet and set aside.
In the same skillet, reduce the heat to low and add the milk and heavy cream. Stir in the cheddar cheese and Parmesan cheese, mixing until melted and smooth.
Add the cooked macaroni and the honey pepper chicken to the cheese sauce. Stir until everything is well combined and heated through.
Serve immediately, garnished with chopped parsley.