09/19/2024
The state of Medicare Advantage in 2024. Key take aways from the annual report released on September 17 by Better Medicare Alliance's 2024 "State of Medicare Advantage Report".
12 key takeaways:
1. Medicare Advantage total enrollment is 33.8M in 2024, representing about 55% of the Medicare population. In 2023, total MA enrollees was about 31M.
2. There are 3,959 MA plans being offered in 2024. The average beneficiary has access to 43 plans this year, and 99.7% have access to at least one.
3. The average MA monthly premium is $18.50.
4. 56% of MA members are enrolled in an HMO plan and 43% in a local PPO.
5. 95% of MA members are satisfied with their healthcare quality.
6. 31% of MA enrollees identify as Black, Latino, or Asian, compared to 18% of Medicare enrollees.
7. 52% of MA members have annual incomes of less than $24,500.
8. MA enrollment in rural areas is 1.8M.
9. Special needs plans enrollment is 5.8M people, with enrollment increasing 14% since 2023.
10. MA members spend $2,541 less on out-of-pocket costs and premiums compared to Medicare enrollees.
11. Over 98% of MA enrollees are enrolled in a plan that also includes prescription drug coverage, and 99% offer at least one supplemental benefit.
12. Among all MA plans, 99% offer vision, dental and hearing coverage.
