Since 2010, enrollment in Medicare Advantage (Medicare Part C) has grown an average of 8 percent a year. In 2020, 39 percent (24.1 million Medicare Advantage enrollees) of all Medicare enrollees chose Medicare Advantage plans. There was a 9 percent jump from the same period in 2019, which is above the past decade’s trend. It is estimated that the percentage of all Medicare beneficiaries signed up for MA plans will grow to about 47 percent by 2029.
The Future of Medicare Advantage Growth
New benefits, continued decrease in premiums, and less attractive Medicare Supplement options all contribute to Medicare Part C growth. With more people aging into the Medicare health insurance program daily, enrollment growth projections in Medicare Advantage will only increase and continue to take on a bigger role in the Medicare health insurance program over the next decade.
Medicare Advantage Demographic
Enrollment in Medicare Part C plans varies by demographics. Data shows that enrollment in Medicare Advantage plans tends to increase by the Medicare beneficiary’s age up through the late 70s and then reduces after that. Also, women are expected to sign up for a Medicare Advantage plan than men are.
There is also a considerable difference among races when it comes to enrolling in MA plans.
Quality and Benefits of Medicare Advantage
Those with a Medicare Advantage plan are able to receive extra benefits that are not provided by Original Medicare or Medicare Supplement plans. For instance, about three-quarters of Medicare Advantage enrollees will have dental and fitness benefits, and more than 70 percent can get hearing aid benefits.
In fact, with the COVID-19 pandemic, 77 percent of MA enrollees will have access to telehealth benefits. In addition, most Medicare Part C members are now signed up for a plan that scores well on the MA star rating. While 62 percent of MA enrollees were in plans with a four-star rating or more in 2015, this increased to 78 percent in 2020.
If you need more information about how Medicare Advantage has grown over the years and are interested in finding a Medicare Advantage plan that fits your needs, do not hesitate to contact Peritia Advisors.
