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The state of Medicare Advantage in 2024

Jakob Emerson -  09/18/2024 07:31am cet

(Some information regarding Medicare Advantage Plans)

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:

  1. 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.

  2. 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.

  3. The average MA monthly premium is $18.50.

  4. 56% of MA members are enrolled in an HMO plan and 43% in a local PPO.

  5. 95% of MA members are satisfied with their healthcare quality.

  6. 31% of MA enrollees identify as Black, Latino or Asian, compared to 18% of Medicare enrollees.

  7. 52% of MA members have annual incomes of less than $24,500.

  8. MA enrollment in rural areas is 1.8 million.

  9. Special needs plans enrollment is 5.8 million people, with enrollment increasing 14% since 2023.

  10. MA members spend $2,541 less on out-of-pocket costs and premiums compared to Medicare enrollees.

  11. Over 98% of MA enrollees are enrolled in a plan that also includes prescription drug coverage, and 99% offer at least one supplemental benefit.

  12. Among all MA plans, 99% offer vision, dental and hearing coverage.

Ref: https://www.beckerspayer.com/payer/the-state-of-medicare-advantage-in-2024.html

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