After the dust settled from Medicare’s fall Annual Enrollment Period (AEP, also called the fall Medicare Open Enrollment Period), a significant increase in Medicare Advantage (Medicare Part C) enrollment was unearthed.
Based on preliminary data, the Oct. 15 to Dec. 7 enrollment period yielded a 9% year-over-year increase in Medicare Advantage plan enrollment. That skyrocketing increase pushed the number of Medicare beneficiaries enrolled in Medicare Advantage plans past 24 million.
Some consumer trends from the 2020 fall open enrollment period were highlighted in a recent study that concluded:
Medicare Advantage plans are distinguished by the extra benefits some plans may offer that are not found in Original Medicare. Of the survey respondents who cited supplemental benefits as their reason for enrolling in a Medicare Advantage plan, 62% said dental benefits were the most influential in their decision, while 52% cited vision as their top priority.
Those were followed by:
The increased enrollment during the fall AEP reflected an upward trend in Medicare Advantage plan sign ups that’s been taking place for nearly 20 years. In 2005, just 13% of Medicare beneficiaries were enrolled in a Medicare Advantage plan. Enrollment has since increased every year except from 2015 to 2016, when it remained flat.