With bipartisan support in Congress and a record 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 2023 "State of Medicare Advantage Report."
The annual report released Sept. 28 is a compilation of the latest MA research and data that provides insight into the program's demographics, enrollment trends, benefits and health outcomes.
12 key takeaways:
- Medicare Advantage total enrollment is expected to be 33.8 million in 2024, representing more than half of the Medicare population. In 2023, total MA enrollees is over 31 million.
- There are 3,998 MA plans being offered in 2023, a six percent increase from 2022. The average beneficiary has access to 43 plans this year, and 99.7 percent have access to at least one.
- 59 percent of MA members are enrolled in an HMO plan and 39 percent in a local PPO.
- 95 percent of MA members are satisfied with their healthcare quality.
- 27 percent of MA enrollees identify as Black, Latino or Asian, compared to 17 percent of Medicare members.
- 52 percent of MA members have annual incomes of less than $25,000, compared to 36 percent with Medicare.
- 53 percent of MA enrollees live in a metropolitan area and 44 percent live in a micropolitan area.
- Special needs plans account for 19 percent of total MA enrollment, which is 5.4 million individuals in 2023.
- MA members spend $2,434 less on out-of-pocket costs and premiums compared to Medicare members.
- Standing at a 16-year low, the average MA monthly premium is $18.
- MA plans offer prescription drug coverage 92 percent of the time, and 99.9 percent offer supplemental benefits.
- Among all MA plans, 99 percent offer vision coverage and 97 percent offer dental and hearing coverage.