Medicare Advantage plans saw continued growth over the past year, doing little to change the common notion that managed care will become ever more popular among Medicare beneficiaries. The total number of enrolled beneficiaries increased from 32% of 54 million eligibles this time last year to 33% of 55 million eligibles this year.
Almost all insurers saw growth:
– Total enrollment leader UHC saw a 10.5% increase
– Six of nine other companies with more than 250,000 members saw growth
– Cigna had the largest percentage increase at 13.6%
– Large insurers saw an overall average growth of 5.2%, while small insurers saw an average growth of 5.6%
While UHC and Humana continue to dominate with a combined market share of 38.5%, the fact that smaller insurers saw overall growth similar to the larger insurers is an indicator that the market is sustainable even outside the huge market share of the largest companies. Smaller, more regional carriers are surviving and even thriving.
Selling Medicare Advantage plans does mean extra work with certifications and abiding by CMS regulations, but the increasing market share makes it worth the time and effort. If you haven’t already, get a few MA carriers in your bag and be prepared to offer your clients what a growing number of them may want.