Medicare Advantage growing among seniors
January 06, 2014 08:00 AM Eastern Standard Time
KENNEBUNK, Maine–(BUSINESS WIRE)–Aggregated enrollment in Medicare Advantage (MA) plans was 15.1 million as of December 2013, up nearly 1.3 million members since December 2012. Membership surpassed 15 million members in October, according to a new report by Mark Farrah Associates (MFA). The Centers for Medicare and Medicaid Services’ (CMS’s) data shows nearly 52.5 million people were eligible for Medicare as of December 2013. With only 29% of Medicare beneficiaries enrolled in MA plans, there is still opportunity for growth.
Nationwide, nine organizations insure more than 250,000 MA members each and cover more than 65% of the MA market. According to the MFA report, UnitedHealth and Humana together control nearly 38% of the market, up 0.9% from one year ago. MFA found that in Georgia and Texas, UnitedHealthcare gained more than 50,000 members in each state. Humana, with an aggressive MA growth strategy in many areas of the country, experienced mixed results in many states. However, Humana did add 50,254 MA members in Kentucky, 30% of its overall gain year-over-year.
Enrollment in MA plans is primarily through two sources, direct purchase by individuals or from an employer group retiree plan (EGHP). More than 17% of total Medicare Advantage enrollment comes through EGHPs. Kaiser Foundation Health Plans has the largest MA enrollment from group plans.
The 2014 annual enrollment period ended December 7, 2013 and it will be interesting to see how much more growth MA plans gain when the results appear later this month. To read the full text of “Medicare Advantage Plans Cover 15 Million”
Many companies are evaluating how their 2013 results compared to expectations and to the local competition by using tools such as MFA’s Medicare Business Online™ and Health Coverage Portal™. Using MFA’s Medicare Benefits Analyzer (MBA), they are comparing and revising 2014 benefit packages and developing strategies to offer 2015 products that will attract and benefit seniors. MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include Health Coverage Portal™, County Health Coverage™, Health Insurer Insights™, Medicare Business Online™, Medicare Benefits Analyzer™ and Health Plans USA™.
Mark Farrah Associates
Ann Marie Wolfe, 207-985-8484
reposted by Ralph Bredahl Medicare Broker