Medicare Advantage Open Enrollment Period (MA OEP)
What is the Medicare OEP (Open Enrollment Period)?Well, it's 2020 and it's the second year of the reinstated Medicare OEP.
The Medicare Advantage Open Enrollment Period (MA OEP) was reinstated in 2019 by the Centers for Medicare & Medicaid Services (CMS).
The new MA OEP replaced the previous Medicare Advantage Disenrollment Period (MADP), which only allowed people to leave MA and return to Original Medicare.
Medicare Open Enrollment "Half-Time" Snapshot:
84% of Those Selecting Medicare Advantage Choose Plans with $0 Premiums
By comparing eHealth's data with data previously published by the Centers for Medicare and Medicaid Services (CMS), it is possible to see what Medicare beneficiaries are actually purchasing as compared with what is available to choose from in the market.
According to CMS, 24.4 million Medicare beneficiaries are expected to enroll in Medicare Advantage plans for 2020, up from 22.2 million in 2019. The average monthly premium for 2020 Medicare Advantage plans available nationwide is $23, down 14% from $26.87 in 2019. CMS reports that 90% or more of all Medicare beneficiaries in 46 states now have access to Medicare Advantage plans with a $0 monthly premium.
eHealth's analysis of shopping trends among its Medicare customers between October 15 and November 8, 2019 found:
Medicare Advantage costs are down and consumers are increasingly drawn to $0 plans
- $5.47 is the average monthly premium for Medicare Advantage plans selected by people enrolling in coverage with eHealth, down 43% from $9.53 in the same period last year.
- 83% of all eHealth Medicare Advantage customers selected $0 premium plans, compared to 76% from the same period last year.
Part D premiums are down year over year
- $19.76 is the average monthly premium for stand-alone Part D prescription drug plans selected by eHealth customers in the first half of open enrollment, a decrease of 15% from the same period last year ($23.34).
Medicare Supplement premiums show a modest increase
- $157.48 is the average monthly premium for Medicare Supplement plans selected by eHealth customers in the first half of open enrollment, an increase of 8% from the same period last year ($145.62).