Medicare Advantage Year in Review
In nearly every line of work, circumstances can evolve and change at a rapid rate. In the Medicare field, there are so many moving parts because of the involvement with the federal government, assorted agencies, state governments, and private insurance carriers, it is vital to review the data from previous years to see what the rundown is. This can help inform savvy agents as to what to expect from the coming year as well as offer valuable perspective. These are some of the key trends and takeaways from Medicare Advantage in 2023. Here is the Medicare Advantage year in review.
More than half of the people eligible enrolled in Medicare Advantage (MAPD) for 2023. That’s approximately 51% of beneficiaries, or 30.8 million people. As a piece of the eligible Medicare population, that means that that figure has jumped up by 19% in 2007 to 51% in 2023. Since 2022, the population enrolled in Medicare Advantage has increased by 8%. In the next decade, the percentage is expected to rise to over 62% enrolled in Medicare Advantage.
One in five beneficiaries of MAPD are enrolled in a plan offered by a union or an employer. That is about 5.4 million people, or about 20% of the population. In the following five states, the group enrollees counted for a third or more of all enrollments: Alaska, Michigan, New Jersey, Maryland, and West Virginia.
In the past five years, enrollment in Special Needs Plans (SNPs) has doubled. This means than 5.7 million Medicare beneficiaries are enrolled in special needs plans.
Two private insurance carriers, Humana and UnitedHealthcare, account for nearly half of all Medicare Advantage (MAPD) enrollment nationwide. Together, the two companies account for about 47% of Medicare Advantage enrollment
This brief overview of some of the more variable statistics from this year may help agents to plan ahead for the future. For instance, the market for Medicare Advantage plans is expected to continue to grow. What can you do now to optimize your business?
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