BMA: Medicare Advantage enrollments reach 26 million in 2021 thanks to plan offers and employee options
Medicare Advantage enrollments jumped to 26 million people by early 2021, almost a double increase in the past decade, according to a new report.
The report, released Thursday by the advocacy group Better Medicare Alliance, also showed that MDA recipients spent $ 1,640 less on health costs than those on traditional health insurance. The report comes as insurers increasingly scale up their AM activities.
“This report is a testament to the importance of continued stability and support from policymakers, both for the 26.5 million beneficiaries who choose Medicare Advantage now and for the 10,000 additional Americans who age in Medicare each. day, ”said Allyson, president and CEO of the Better Medicare Alliance. Schwartz in a statement.
The report found that master’s enrollments represented 42% of all Medicare beneficiaries and that enrollment is expected to increase to over 50% by 2030.
Part of the reason for the increase in enrollments is the significant growth in the number of plans offered as more insurers and startups take an interest in the industry.
The report found that this year more than 4,800 plans were offered, an increase of more than 2,100 from 2017.
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Another major reason was the strong adherence to MA plans of employer retirees.
“Employers such as state and local governments, industries and unions have chosen [employer group waiver plans] to provide health insurance coverage to its retirees, ”the report said.
The number of registrations for such plans rose to 4.8 million in 2021, up from 3.8 million in 2017.
The Better Medicare Alliance also found that recent surveys show that “98% of Medicare Advantage beneficiaries are satisfied with their coverage, while 97% are specifically satisfied with their network of doctors, hospitals and specialists,” the report states. .
Most AD recipients choose a prescription drug plan, and more than 88% of all recipients “have prescription drug coverage through a combination plan,” the report says.
Most beneficiaries are in an HMO plan followed by a PPO, he added.
BMA also found that MA’s population has become increasingly diverse, with minorities comprising 33.7% of enrollees versus 16% in traditional health insurance.
“Of all minorities, Hispanics have the highest representation in Medicare Advantage, followed closely by non-Hispanic black beneficiaries,” the report says.