Medicare Advantage Reaches New Milestone as Quality, Affordability, and Access Drive Record-Setting Enrollment
As Medicare Advantage enrollment surpasses 50% of Medicare, Better Medicare Alliance’s 2023 State of Medicare Advantage Report shows a 95% beneficiary satisfaction rate, consumer savings of $2,400 per year, and near-universal access to Medicare Advantage plans.
WASHINGTON — A historic share of seniors now choose Medicare Advantage, with the popular program comprising more than 31 million beneficiaries and representing more than half of the Medicare population, according to the 2023 State of Medicare Advantage report released today by Better Medicare Alliance. This report comes on the heels of new projections by the Centers for Medicare and Medicaid (CMS) showing Medicare Advantage growth is expected to reach 33.8 million beneficiaries in 2024.
“With a 95% beneficiary satisfaction rate, annual consumer savings of $2,400 per year, better health outcomes, it’s no surprise that Medicare Advantage is a more crucial part of the U.S. health system for beneficiaries than ever before,” said Mary Beth Donahue, President and CEO of the Better Medicare Alliance. “Today, more than half of all seniors, including rural, lower-income, and minority Americans, choose Medicare Advantage for the affordable, quality care it provides. This milestone, together with the CMS’s latest enrollment projections, demonstrate what can be accomplished when policymakers and advocates put seniors and people with disabilities first.”
Released annually, the report compiles recent research and data to provide a thorough snapshot of Medicare Advantage, including beneficiary demographics, enrollment patterns, supplemental benefit options, cost savings, and health outcomes.
Key findings from the report include:
Enrollment
– More than 31 million beneficiaries now choose Medicare Advantage, or 51% of the Medicare population
– The share of beneficiaries living in rural areas who choose Medicare Advantage, now 40%, has quadrupled since 2010
– Medicare Advantage now attracts the largest share of minority populations, with 69% of Latino Medicare beneficiaries, 65% of Black Medicare beneficiaries, and 60% of Asian Medicare beneficiaries choosing Medicare Advantage ○ 19% of growth in Medicare Advantage enrollment in 2023 was in Special Needs Plans
Access
– Over 92% of Medicare Advantage beneficiaries are enrolled in a Medicare Advantage Prescription Drug plan
– 99% of beneficiaries have access to a $0 premium Medicare Advantage Prescription Drug plan
– 99.9% of Medicare Advantage plans offer supplemental benefits, such as vision, dental, transportation to medical appointments, grocery delivery, and more
Affordability and value
– Medicare Advantage beneficiaries report spending over $2,400 less on out-of-pocket costs and premiums annually compared to those enrolled in Fee-For-Service Medicare — a 44% cost savings
– The average Medicare Advantage monthly premium in 2023 is just $18, a 16-year low
– Medicare Advantage provides $32.5 billion annually in additional value to beneficiaries and the federal government
– Medicare Advantage covers all Medicare-covered services, such as hospital and physician services, for 24% less than Fee-for-Service Medicare
Outcomes
– Medicare Advantage beneficiaries experienced a 43% lower rate of avoidable hospitalizations for any condition
– Medicare Advantage beneficiaries report a 21% higher rate of physician visits within 14 days of a hospital discharge
– 95% of Medicare Advantage beneficiaries report being satisfied with their coverage
Read the full report HERE and see an overview of the report on our website HERE.
Better Medicare Alliance is a community of more than one million grassroots beneficiaries and 200+ Ally organizations working to improve health care through a strong Medicare Advantage. Learn more at www.bettermedicarealliance.org.
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