Medicare Advantage Plans Cover 30% of People with Medicare
KENNEBUNK, Maine--(BUSINESS WIRE)--Mark Farrah Associates (MFA) reported that nearly 16 million people were enrolled in Medicare Advantage (MA) plans as of February 2014, over 30% of the 52.7 million people eligible for Medicare, based on data from the Centers for Medicare and Medicaid Services (CMS). Aggregated enrollment in MA plans increased by 1.342 million members between February 2013 and February 2014.
While many MA health plans announced strategies to move enrollees into highly managed products with more limited networks, MFA's analysis showed a decline in the percentage of people in health maintenance organizations (HMO) plans from 2013 to 2014. In comparison, plans that use preferred provider organization (PPO) networks, which typically offer more choice, now cover 31% of all MA enrollees, up from 29% the previous year.
Ten carriers reported enrollment of more than 250,000 people in 2014; these companies cover close to 67% of all MA enrollees. Mark Farrah Associates' report indicates Humana saw the largest gain, adding over 374,000 new members, and increasing nationwide market share from 16.7% in February 2013 to 17.6% in February 2014. UnitedHealth remained the top MA organization in the country, but its market share declined from 20.8% in February 2013 to 19.9% in February 2014. The 2013 annual enrollment period appears to have been a success for many plans, primarily due to the large number of seniors aging into the Medicare program. To read the full text of "Thirty Percent of People Eligible for Medicare Enrolled in Medicare Advantage Plans", visit the Analysis Briefs library on Mark Farrah Associates' website www.markfarrah.com.
About Mark Farrah Associates (MFA)
Many companies are evaluating how their 2014 results compared to expectations and to the local competition by using tools such as MFA's Medicare Business Online™ and Health Coverage Portal™. Using MFA's Medicare Benefits Analyzer (MBA), they are comparing and revising 2014 benefit packages and developing strategies to offer 2015 products that will attract and benefit seniors. MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include Health Coverage Portal™, County Health Coverage™, Health Insurer Insights™, Medicare Business Online™, Medicare Benefits Analyzer™ and Health Plans USA™.
Mark Farrah Associates
Ann Marie Wolfe, 207-985-8484