The share of local Medicare Advantage plans has shrunk since 2012, while national insurers have increased their market share, a study published in the December issue of Health Affairs found.
Here are five findings to note:
- Non-Blue Cross Blue Shield regional insurers not affiliated with a health system accounted for 25% of the MA market in 2012. This percentage shrank to 6% by 2023.
- The five largest national insurers grew their market share from 46% in 2012 to 66% in 2023.
- The market shares of BCBS plans and integrated health-system plans remained stable between 2012 and 2023.
- Between 2012 and 2023, there were 77 changes in plan ownership, the researchers found. Much of the shrinkage of regional plans was due to acquisitions.
- Though the number of small insurers shrank, the average number of MA carriers per county increased. The average number of MA insurers per county in 2023 was 9.9, up from 6.4 in 2012.
The study was published Dec. 3 and conducted by researchers at Cambridge, Mass.-based Harvard University. Michael Chernew, PhD, chair of the Medicare Payment and Advisory Commission, is among the study's authors.
Read the full study here.