10 key updates on MA in 2024:
- More than 32 million people are now enrolled in Medicare Advantage plans, which is projected to exceed 34 million by the end of 2024.
- Among MA enrollees, 47% say they are in excellent or very good health, compared to 53% of original Medicare enrollees.
- More than half of all people dually eligible for Medicaid benefits are enrolled in MA, including more than 70% of those eligible for partial Medicaid benefits.
- About 38% of MA members have annual incomes of less than $25,000, compared to 23% of original Medicare enrollees.
- Among those enrolled in MA, 54% are people of color.
- Four million people living in rural areas are enrolled in MA.
- The number of plan offerings declined by 10% in 2024 to 3,665.
- MA premiums will increase by an average of 5.1% in 2024, or $1.08. The number of plans offering $0 premiums declined by 13%.
- MA deductibles are increasing by 12.5% on average in 2024. The average D-SNP deductible is increasing by $47.04, though Medicaid programs pay on their behalf.
- Accounting for new enrollment, 13 out of 20 of the most popular supplemental benefits will be available to fewer enrollees in 2024.
At the Becker's 5th Annual Fall Payer Issues Roundtable, taking place November 2–3 in Chicago, payer executives and healthcare leaders will come together to discuss value-based care, regulatory changes, cost management strategies and innovations shaping the future of payer-provider collaboration. Apply for complimentary registration now.