Medicare Advantage continues to grow fast, diversifying its membership of 33.8 million people, or about 55% of the total Medicare population, according to the Better Medicare Alliance's 2024 "State of Medicare Advantage Report."
The annual report released Sept. 17 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 33.8 million in 2024, representing about 55% of the Medicare population. In 2023, total MA enrollees was about 31 million.
- There are 3,959 MA plans being offered in 2024. The average beneficiary has access to 43 plans this year, and 99.7% have access to at least one.
- The average MA monthly premium is $18.50.
- 56% of MA members are enrolled in an HMO plan and 43% in a local PPO.
- 95% of MA members are satisfied with their healthcare quality.
- 31% of MA enrollees identify as Black, Latino or Asian, compared to 18% of Medicare enrollees.
- 52% of MA members have annual incomes of less than $24,500.
- MA enrollment in rural areas is 1.8 million.
- Special needs plans enrollment is 5.8 million people, with enrollment increasing 14% since 2023.
- MA members spend $2,541 less on out-of-pocket costs and premiums compared to Medicare enrollees.
- Over 98% of MA enrollees are enrolled in a plan that also includes prescription drug coverage, and 99% offer at least one supplemental benefit.
- Among all MA plans, 99% offer vision, dental and hearing coverage.