The typical Medicare beneficiary can have 43 Medicare Benefit plans to select from in 2024, in keeping with a brand new report from KFF. Whereas this is similar quantity as in 2023, it’s greater than double what was out there in 2018.
“Medicare Benefit plans could be enticing to beneficiaries as a result of they usually supply additional advantages, equivalent to dental, imaginative and prescient and listening to, usually for no extra premium, with the trade-off of extra restrictive supplier networks and higher use of price administration instruments, equivalent to prior authorization,” KFF stated. “The sheer variety of plans presents each alternatives (to buy higher protection) and challenges (to decipher probably essential variations throughout plans) though a minority of Medicare Benefit enrollees examine plans in the course of the open enrollment interval.”
KFF relied on knowledge recordsdata from the Facilities for Medicare and Medicaid Providers for the report, which was printed Wednesday. It comes as Medicare Benefit has risen in recognition during the last decade. Greater than half of eligible Medicare beneficiaries are enrolled in MA.
The researchers discovered that in complete, there are 3,959 MA plans being supplied for particular person enrollment in 2024, a 1% lower from 2023. About 56% of those MA plans are well being upkeep organizations (HMOs) and 42% are native most well-liked supplier organizations (PPOs). Nevertheless, the share of HMOs has been lowering during the last a number of years, whereas the share of native PPOs has been rising. In 2017, HMOs accounted for 71% of MA plans and native PPOs accounted for twenty-four%.
A few third, or 33%, of Medicare beneficiaries reside in a county the place they’ll select from greater than 50 MA plans in 2024. In the meantime, lower than 1% of Medicare beneficiaries reside in a county the place they’ve fewer than 4 MA plans to select from.
As well as, the everyday Medicare beneficiary can decide from plans supplied by eight companies in 2024 (one fewer agency from 2023), in keeping with KFF. Though many beneficiaries have choices within the companies they’ll decide a plan from, “enrollment is concentrated” in UnitedHealthcare and Humana plans, the researchers stated. About 47% of MA enrollment is with UnitedHealthcare or Humana.
Many of the main insurers are increasing into new counties. CVS Well being has the most important growth for 2024, with a rise of 249 counties in comparison with 2023.
Further findings from the report embody:
- There will likely be 1,333 particular wants plans in 2024, which is a 4% improve from 2023. Virtually two-thirds of those plans will likely be for people who find themselves dually eligible for Medicare and Medicaid.
- About 89% of MA plans for particular person enrollment will embody prescription drug protection. Of the MA plans with prescription drug protection, 66% gained’t cost a premium in addition to the Half B premium in 2024.
- About 19% of MA plans will present some discount within the Half B premium in 2024.
- The overwhelming majority of MA plans supply imaginative and prescient, health, listening to or dental advantages.
Photograph: zimmytws, Getty Pictures