Medicare Advantage (Medicare Part C) enrollment is off to a hot start in 2020.
Federal data from the Centers for Medicare & Medicaid Services (CMS) show that 2020 enrollment in these private Medicare plans is up 9.2 percent as of mid-February, compared to the same period in 2019.1
The total number of people eligible for Medicare in February 2020 reached 68 million, a 6.4 percent increase from the same time in 2019. The total number of beneficiaries enrolled in Medicare Advantage plans is now more than 24 million people.
The share of Medicare beneficiaries who are enrolled in a Medicare Advantage plan increased from 34 percent to 35 percent from February 2019 to February 2020.
Some of the notable state-by-state findings from the CMS data include:
The data reflects a trend in increased Medicare Advantage enrollment dating back to 2005, when the enrollment rate was just 13 percent of all Medicare beneficiaries nationwide. It has increased or stayed consistent every year since to reach 34 percent of all Medicare beneficiaries in 2019.2
One contributing factor to increasing enrollment rates may be the decreasing costs of Medicare Advantage plans. The average monthly premium of a Medicare Advantage plan has dropped from $44 in 2010 to $29 per month in 2019.2
Medicare Advantage plans are sold by private insurers and offer an alternative way for beneficiaries to receive their Original Medicare coverage.
By law, Medicare Advantage plans must provide all of the same benefits as Medicare Part A and Part B. Once those minimum requirements are met, many plans may then offer coverage for things like routine dental, vision, hearing and more.
Most Medicare Advantage plans include prescription drug coverage.
You can call to speak with a licensed insurance agent who can help you compare plans that are available where you live. They can also help you determine your eligibility and help you enroll, if you’re eligible.
You can also compare plans online for free, with no obligation to enroll.
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