Press ReleasesBLOG POST: MA plans capture greater market share, position themselves to engage and keep new members

March 8, 2022

According to a new study, Medicare Advantage plans added 2.3 million beneficiaries for this coverage year, the program’s greatest-ever increase, and MA plans now compose nearly half of all Medicare enrollment. The Chartis Group’s study found that there are now 28 million MA participants, or 45% of total Medicare beneficiaries.1 A majority of all Medicare enrollees are expected to be in a Medicare Advantage plan by 2025.1

The MA market’s share of the full Medicare market for the 2022 coverage year rose 3 percentage points, compared with the previous year, at 42%, according to Chartis.1 MA enrollment “has been robust” while contraction of the original Medicare market has sped up, study authors wrote.1 Chartis attributed the Medicare trend to COVID-19 mortalities among the 65-and-older population, but added that the shift was “stark.”

Also among the findings:

  • MA enrollment grew in every state during the 2022 enrollment period
  • The number of states that have at least 50% of their eligible enrollees in an MA plan rose to 11, from three last year
  • The MA market for special-needs plans surged 20% last year and now accounts for 16.2% of the entire MA market.1

More baby boomers are becoming eligible for MA plans, and to help meet the need, there are more MA options on the market than ever before, according to a Kaiser Family Foundation analysis.2,3 More than 3,800 MA plans are available this year, and average beneficiaries have access to 39 of them.3 “As Medicare Advantage enrollment continues to grow, insurers seem to be responding by offering more plans and choices to the people on Medicare,” authors of the KFF analysis wrote.3

Plans that offer potential enrollees a wide variety of options and benefits including telehealth and vision coverage, and focus on holistic care and social determinants of health, will be best positioned to capture a greater percentage of the growing MA market.2,3

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References

  1. Herro, Nick, and Wokura, Julianna. Medicare Advantage Enrollment Continues to Surge in an Increasingly Complex and Competitive Landscape. The Chartis Group. Feb. 25, 2022. https://www.chartis.com/2022-medicare-advantage-competitive-enrollment-report
  2. Minemyer, Paige. 2022 forecast: Medicare Advantage is the industry’s hottest market. Don’t expect that to change next year. Fierce Healthcare. Dec. 22, 2021. https://www.fiercehealthcare.com/payer/medicare-advantage-industry-s-hottest-market-2022-don-t-expect-to-change
  3. Freed, Meredith; Damico, Anthony; and Neuman, Tricia. Medicare Advantage 2022 Spotlight: First Look. Kaiser Family Foundation. Nov. 2, 2021. https://www.kff.org/medicare/issue-brief/medicare-advantage-2022-spotlight-first-look/
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