More than 27 million Americans are enrolled in Medicare Advantage plans, and insurers are signaling it may be a fruitful market worth more of their resources, according to Forbes.
Five things to know about the current Medicare Advantage battleground:
1. Medicare Advantage enrollment tops 27 million beneficiaries, representing more than 40 percent of Medicare's nearly 64 million enrollees.
2. National payers and startups are rapidly expanding both their reach and benefits for Medicare Advantage members. Cigna, Centene and Clover Health each expanded into at least one new state for 2022, and Aetna broadened its $0 plan offerings.
3. However, payers will have to compete with UnitedHealthcare, which continues to maintain the largest hold on the Medicare Advantage market. UnitedHealthcare reaches 94 percent of Medicare-eligible consumers nationwide.
4. CVS Health CEO Karen Lynch called Medicare Advantage one of the "high-growth markets" it wishes to prioritize, according to Forbes.
5. Social determinant-focused Medicare Advantage startups like Chicago-based Zing Health are looking to carve out their space in the landscape as well. The payer expanded its reach this summer through its acquisition of Pennsylvania-based Lasso Healthcare Insurance and recently received a $25 million investment to accelerate growth into 2022, according to Forbes.