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Medicare Advantage (MA) plans currently provide medical coverage for nearly 30.2 million beneficiaries, as of October 2022. While MA market penetration is strong, there is still ample opportunity for growth in this segment, with approximately 47% of the 64.7 million people eligible for Medicare enrolled in MA plans.
This brief presents a snapshot of the 2023 Medicare Advantage market with insights from the Centers for Medicare and Medicaid Services (CMS) Medicare Landscape reports.
Based on an aggregate analysis of CMS Landscape reports, a total of 5,764 distinct MA plan offerings are in the market lineup for the 2023 AEP. This includes Medicare Advantage plans without Part D coverage (MA w/no PD), Medicare Advantage with prescription drug plans (MAPDs), Medicare/Medicaid plans (MMPs – Demonstration plans), and Special Needs Plans (SNPs). During the AEP, Medicare beneficiaries can choose to change MA plans or switch from Original Medicare to MA, for plan benefits effective on January 1, 2023.
66% of 2023 MA plans (excluding SNPs) are available at the $0 plan premium level, and 19% of plans will be charging monthly premiums ranging from $2 to $50. Only 57 plans (1%) are charging monthly premiums greater than $200. These benefits-rich plans typically have low copays and as a result, estimated out-of-pocket expenses are often minimal. 2023 MA Plan Competition
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Medicare Blog | Medicare News | Medicare Information
Medicare Market Insights and Plan Competition for 2023
Posted by www.psmbrokerage.com Admin on Thu, Oct 27, 2022 @ 10:28 AM
Tags: Medicare Advantage plans, CMS
