.png)
Medicare Advantage (MA) plans are private health insurance plans available to kupuna who qualify for Medicare. One of the nice things about Medicare Advantage is that it offers somewhat of a “one stop shop”; these plans include Parts A and B of Medicare insurance and typically also cover prescription drugs and other services such as hearing, vision, and dental. Original Medicare does not cover these services without additional plans such as Part D and Medigap. With the wider benefits that come with many Medicare Advantage plans, the average MA member saves more than $1,600 a year on their out-of-pocket health care costs when compared to Original Medicare enrollees. In addition to these additional services and financial savings, many kupuna choose Medicare Advantage plans because they have an annual out-of-pocket maximum that isn’t available with Original Medicare.
Medicare Advantage Enrollment Continued to Grow in 2022
In 2022, there will be 3,834 MA plans available nationwide – the most there has been in over a decade – ensuring that Medicare beneficiaries have a good selection of local plan options available to meet their needs. With all the benefits that come with Medicare Advantage plans, it's no surprise that enrollment in Medicare Advantage plans keeps growing. According to an analysis from the Kaiser Family Foundation (KFF), 48% of Medicare beneficiaries are now enrolled in MA plans. In actual numbers that means 28.4 million of the 58.6 million eligible Medicare beneficiaries chose to enroll in Medicare Advantage plans over Original Medicare in 2022. According to healthpayerintelligence.com, total Medicare Advantage enrollment grew by 8% between 2021 and 2022 and Medicare Advantage more than doubled between 2007 and 2022, jumping from 19% to 48%. With this enormous growth, it’s not surprising that the Congressional Budget Office has predicted that 61% of all Medicare beneficiaries will be enrolled in Medicare Advantage plans by 2032.
Types of Medicare Advantage plans
There are four common types of Medicare Advantage plans:
Enrollment breakdown:
66% of Medicare Advantage beneficiaries were enrolled in plans that are available for individual enrollment.
18% of beneficiaries were enrolled in employer-sponsored or union-sponsored group plans.
16% were enrolled in special needs plans, with an increase from 3.8 million beneficiaries in 2021 to 4.6 million in 2022. SNPs are available for beneficiaries with specialized care needs or for kupuna who are dually eligible for Medicare and Medicaid.
Medicare Advantage enrollment trends by state
Medicare Advantage enrollment varied by state. For example, in 25 states, at least 50% of all Medicare beneficiaries were enrolled in Medicare Advantage plans, but in four states less than 20 percent of beneficiaries were enrolled in Medicare Advantage plans. Rates vary by county as well with 29% of Medicare beneficiaries residing in a county where more than half of all Medicare beneficiaries are enrolled in Medicare Advantage plans and 20% residing in a county where at least 60% of all Medicare beneficiaries are enrolled in a Medicare Advantage plan.
The six states with the highest rates of Medicare Advantage enrollment were:
Alaska (99%)
Michigan (42%)
Maryland (36%)
West Virginia (35%)
New Jersey (35%)
Illinois (30%)
As Medicare Advantage enrollment grows, the program remains extremely popular with beneficiaries; in a recent survey from e-health, almost nine in 10 (88%) of MA enrollees said they were satisfied with their coverage and almost two-thirds (63%) said they were very satisfied. Only 6% of respondents said they were dissatisfied with their plans. With several Medicare Advantage options to choose from during the upcoming Annual Enrollment Period, it’s important to get information from the experts.
Our independent insurance agents are dedicated to assisting people on Medicare and those who are ready to transition from employer coverage to personal retirement coverage. We help kupuna understand their benefits options and apply for additional coverage, as needed. Because we represent all the major Medicare Advantage and supplement plans in Hawaii, we are able to offer unbiased advice; all at no cost to our clients.
At PBC, our clients are our number one priority and we look forward to getting to know you and your needs. Call us today at (808) 738-4500 to see how we may be of assistance.
تعليقات