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Medicare Advantage Enrollment Continues to Increase

As Medicare’s Open Enrollment approaches, seniors are looking to Medicare Advantage Plans either for their first Medicare plan, or as an alternative to the plan they have currently. Let’s take a look at some of the statistics on Medicare Advantage enrollment.

Medicare Advantage Enrollment

  • “Since the enactment of the ACA [Affordable Care Act], Medicare Advantage enrollment has increased by 4.6 million, or by 41 percent”
  • “As of March of 2014, almost one in three (30 percent) people on Medicare (15.7 million beneficiaries) were enrolled in a Medicare Advantage plan, a 10 percent increase since March 2013.”
  • “Group enrollment in Medicare Advantage plans accounted for almost one-third (32%) of the enrollment growth in 2014.”
  • “Between 2013 and 2014, total Medicare Advantage enrollment grew by almost 1.4 million, or 9 percent.”
  • “Our analysis also shows that premiums paid by enrollees have remained fairly flat, with the average premium ($35 per month) the same as it was in 2012 and 2013.”

(All statistics from the Kaiser Family Foundation.)

So why are more and more seniors choosing to enroll in Medicare Advantage plans?

Better Coverage

Medicare Advantage plans offer coverage not found in traditional Medicare plans such as:

  • Catastrophic coverage
  • Limits on out-of-pocket costs.
  • Enhanced Part D prescription drug coverage.

Learn more about the benefits of Medicare Advantage plans in our blog  and keep an eye out for our blog on Medicare Open Enrollment next week!

Medicare Advantage

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Source

http://kff.org/medicare/issue-brief/medicare-advantage-2014-spotlight-enrollment-market-update/

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