With record support in Congress and in the number of plans offered nationwide, Medicare Advantage is growing fast, diversifying its members and driving senior care costs down, according to the Better Medicare Alliance's 2022 "State of Medicare Advantage Report."
The annual report released July 20 is a compilation of the latest MA research and data that provides insight into the program's demographics, enrollment trends, benefits and health outcomes.
Twelve things to know:
- Medicare Advantage total enrollment is 28.4 million, representing 45 percent of the Medicare population. Enrollment has more than doubled over the last decade and will be half of the Medicare program by 2026.
- There are 3,834 MA plans being offered in 2022, an 8 percent increase from 2021.
- Sixty percent of MA members are enrolled in an HMO plan and 36 percent in a local PPO.
- MA members report 94 percent satisfaction with their coverage
- Nearly 34 percent of MA enrollees identify as racial and ethnic minorities, compared to 16 percent of Medicare members.
- More than 52 percent of MA members have annual incomes of less than $25,000
- During the first nine months of the pandemic, MA members were hospitalized 19 percent less for COVID-19.
- Among all MA members, over 37 percent have diabetes, nearly 20 percent have chronic obstructive pulmonary disease, over 7 percent have congestive heart failure and over 4 percent have been diagnosed with dementia or Alzheimer's.
- MA members spend $1,965 less on out-of-pocket costs and premiums compared to Medicare members.
- Standing at a 15-year low, the average MA monthly premium is $19.
- MA plans offer prescription drug coverage 89 percent of the time, and almost all offer supplemental benefits.
- Over 90 percent of plans offer dental, vision and hearing coverage.