Over the last decade, Medicare Advantage (Medicare Part C) has taken on a bigger role in the Medicare health insurance program. As of 2020, there were over 24 million Medicare Advantage enrollees, which account for about 36 percent of all beneficiaries. Enrollment in Medicare Advantage plans is projected to reach about 26 million in 2021. Enrollment in this part of Medicare has been steadily growing since 2004, making this one of the more popular options for Medicare enrollees.
Access to Medicare Advantage Plans
A common misconception is that you have to be over 65 to sign up for Medicare Advantage, but many young people are eligible to enroll.
Those with disabilities can be eligible for Medicare Advantage plans if they qualify for Social Security disability benefits. In addition, you can qualify for a Medicare Advantage plan if you are under the age of 65 and are already receiving a disability pension or have Lou Gehrig’s disease.
Number of Available Medicare Advantage Plans
Like in previous years, HMOs account for about 62 percent of Medicare Advantage plans provided in 2021. However, the availability of PPOs has significantly increased over recent years. In 2021, about one-third of Medicare Advantage plans offer PPOs, an increase from one quarter in 2018. However, the number of Private Fee-For-Service plans continues to reduce. The development in the number of Medicare Advantage plans available varies across the states.
One noteworthy change for 2021 is that those with end-stage renal disease (ESRD) can now sign up for Medicare Advantage plans. Before this change, those with ESRD couldn’t sign up for MA plans.
Number of Medicare Enrollees in Special Needs Plans
SNPs limit enrollment to specific types of Medicare beneficiaries with relatively specialized care needs. 86 percent of SNP enrollees enrolled in Dual Eligible Special Needs Plans (D-SNPs). Another 11 percent of SNP enrollees signed up for Chronic Special Needs Plan (C-SNPs), and 3 percent are in the Institutional Special Needs Plans (I-SNPs).
For more information about Medicare Advantage plans and to review your options, contact Peritia Advisors and speak with an experienced Medicare insurance expert!