Medicare Advantage
27 million Americans choose to get their Medicare benefits through a Medicare Advantage plan. Medicare Advantage is a public-private partnership where health insurance providers cover everything traditional Medicare covers — and more.
Medicare Advantage is growing, serving more than 40% of all those eligible for Medicare today. Americans from all backgrounds who are 65+ or living with disabilities – including nearly half of Hispanic and African American Medicare-eligibles – choose Medicare Advantage. 40% of Medicare Advantage members make less than $25,000 per year and 57% are women. Medicare Advantage members also tend to be older than those enrolled in traditional Medicare. In fact, 63% of Medicare Advantage enrollees are 70 or older, compared with 57% of traditional Medicare enrollees.
Americans who are eligible for Medicare can enroll in Medicare Advantage plans during the Open Enrollment Period each year, which usually runs from mid-October through early December.
Medicare Advantage plans deliver high quality, affordable coverage. They cap out-of-pocket costs for seniors, which regular Medicare doesn’t, and they cover services and extra benefits that traditional Medicare does not, including:
- Prescription drug coverage
- Vision, hearing, and dental coverage
- Health and wellness programs
In 2021:
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Enrollment is likely to increase by close to double-digit percentages.
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On average, Medicare Advantage premiums are their lowest in the last 14 years, declining 34% from 2017.
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Medicare Advantage plans will be available to 99% of Medicare-eligible Americans.
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The average Medicare beneficiary has access to 33 Medicare Advantage plans in 2021.
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94% of seniors with Medicare Advantage say they’re satisfied with their coverage and 61% of seniors are very satisfied with their Medicare Advantage.
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95% of seniors with Medicare Advantage would recommend their coverage to their family and friends.
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In the wake of COVID-19, Medicare Advantage plans are taking decisive action to support seniors and people with disabilities, including waiving patient cost-sharing for diagnostic testing, treatment, and vaccination for COVID-19, expanding telehealth services, and more.
For more information about how health insurance providers are stepping up to fight the coronavirus, visit https://www.ahip.org/healthinsurance-providers-respond-to-coronaviruscovid-19/
The average Medicare Advantage monthly plan premium decreased 11% to $21 (estimated) in 2021 from an average of $23.63 in 2020.
Medicare Advantage has strong bipartisan support among policymakers. In 2020, a record 403 Members of Congress signed onto bipartisan letters in support of the program. Medicare Advantage also helps drive down costs for taxpayers: the more people who enroll in Medicare Advantage, the slower costs grow for traditional Medicare.
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