If you or a loved one are enrolled in Medicare Advantage, you know that the enrollment period just closed.
And that means the statistics are rolling in.
For those that have heard the term “Medicare Advantage” or MA, but are not really sure what it means, here’s a definition for you from the Medicare site itself:
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If you’re enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage.
According to a BenefitsPro article posted earlier this year, Medicare Advantage enrollment is increasing.
That article quoted a report by Mark Farrah Associates that showed “enrollment in Medicare Advantage plans hit 15.1 million in December,
up nearly 1.3 million members since December 2012.”
According to that report:
Nationwide, nine organizations insure more than 250,000 MA members each and cover more than 65 percent of the MA market, according to the report. UnitedHealth and Humana together control nearly 38 percent of the market, up 0.9 percent from a year ago.
Most of the article quotes figures from the report documenting the increase in enrollment for many different insurers. If that interests you, we encourage you to read the original article. However, the more interesting points for us are the how and why of these increases. The report, and the article, did share the how:
Enrollment in MA plans is drawn primarily from two sources, direct purchase by individuals or an employer group retiree plan. More than 17 percent of total Medicare Advantage enrollment comes through EGHPs. Kaiser Foundation Health Plans has the largest MA enrollment from group plans, the report found.
Mark Farrah Associate’s report is based on analysis of enrollment data for Medicare Advantage plans released by The Centers for Medicare and Medicaid Services.
To find the why, we had to search out another source. One such source is eNewsCourier who said that there are no increases to plan deductibles and premiums for this plan year.
Although there is a lot of information on the Medicare Advantage site, we know that sometimes you need to talk to an actual person who can answer your questions. If that is what you are looking for, please complete the form below and one of our experts will be in touch with you right away.
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