A record 3,998 Medicare Advantage plans are available nationwide for individual enrollment in 2023, according to a Nov. 10 report from the Kaiser Family Foundation.
Six things to know:
1. There are 228 more plans available in 2023 than 2022, amounting to a 6 percent increase.
2. Texas saw the most growth, with 42 more plans being offered in 2023. That was followed by Florida (26) and Pennsylvania (21).
3. HMOs account for 58 percent of plan offerings in 2023, a decrease from 2019 and 2020, when they accounted for about 66 percent.
4. The availability of local PPOs has "increased rapidly" over recent years, according to the Kaiser Family Foundation. Local PPOs make up 40 percent of Medicare Advantage plans offerings, up from 30 percent in 2019.
5. Eighty-nine percent of all 2023 Medicare Advantage plans offered include prescription drug coverage.
6. The average beneficiary has 43 Medicare Advantage plans to choose from in 2023, up from 38 last year.