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Medicare Advantage Plans | Growing Market Share

Medicare Advantage Plans | Growing Market Share

Over the past decade, enrollment in Part C has grown significantly, from just 19% of the total Medicare beneficiary population in 2007 to 51% in 2023. The Congressional Budget Office projects that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will rise to 62% by 2033!

Several factors contribute to the popularity of Advantage plans, including:

  • Additional benefits like prescription drugs, vision, and dental, that aren’t part of Original Medicare
  • Low (or ZERO!) premium
  • No underwriting requirements
  • Annual enrollment windows to easily change plans
  • Creative supplemental benefits (fitness, over-the-counter allowance, etc)
  • Heavy marketing by companies and distribution channels

It’s no secret that a few large companies dominate the Medicare Advantage market. United Healthcare, Humana, and Aetna comprise over half the market share.

Did you know that United Healthcare, Humana, and Aetna collectively control a whopping 57% share of the Medicare Advantage market?

They didn’t get there by chance. It results from strategic choices, laser-focused execution, and mastering the art of differentiation.

  • Strategic Partnerships – They’ve formed alliances with leading healthcare providers to deliver premium health services.
  • Innovative Health Plans – They’ve designed plans that are affordable and offer value-added services.

Medicare Advantage’s popularity varies significantly by state and county. Many counties with high Medicare Advantage penetration rates are centered around relatively large, urban areas, whereas counties with low Advantage plan enrollment tend to be less populated or rural.

Did you know? Medicare Advantage enrollment varies by state, from a low of 19% in some to a whopping 56% in others. Why?

Ever considered that your location might dictate your healthcare choices? For instance, New Mexico’s Medicare Advantage enrollment is at 56%, while Wyoming lags at 19%. This disparity isn’t just random.

Did you know 60% of Medicare Advantage beneficiaries live in urban areas? The reason is simple – urban areas offer a richer network of hospitals, doctors, and specialists.

Here’s why this matters:

  • Access to care – Some states have more healthcare services, affecting choices.
  • Marketing – Companies target dense urban areas, leaving rural areas out.
  • Choices – More healthcare providers mean more options and more chances to choose Medicare Advantage.

If you need help with an Advantage plan, talk with a trusted, independent Medicare broker. We’re here to offer guidance, enabling you to make informed decisions about your Medicare coverage.

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