Medicare Enrollment Market Update

Let’s take a look on how Medicare Advantage plans in the Affordable Care Act are fairing.

Despite the reasonable doubt about Medicare Advantage enrollment, the number of Medicare beneficiaries enrolling on Medicare Advantage plans has continued to climb. Since the enactment of the ACA, Medicare Advantage enrollment has increased by 5.6 million, or by 50 percent!

Here are the updates on how the Medicare enrollment is advancing:

  • Medicare Advantage enrollment has continued to grow and increase in virtually all states. Almost one in three people on Medicare were enrolled in a Medicare Advantage plan in March 2015 – up by more than 1 million beneficiaries than in 2014.
  • Even though there has been development of new plans, most enrollees continue to be in HMOs, with 64 percent in 2015. Enrollees in HMOs, on average, pay lower premiums and have lower limits on total out of pocket expenses than enrollees in most other plans.
  • The share of enrollees in plan with 4 or more stars rose from 37 percent in 2013, up to 61 percent in 2015.
  • Average out-of-pocket spending limits have continued to rise, exposing enrollees with significant medical needs to higher costs. Since 2011, the out-of-pocket expenses have been limited to no more than $6,700.
  • There are 16.8 million beneficiaries in the Medicare Advantage plans, with 31 percent being the Medicare population.

If you’re still searching for the right health insurance plan to suit your needs, contact Unisource Insurance Associates in Wauwatosa, Wisconsin!

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