Agents, the numbers are in for 2023 and it was another banner year for Medicare Advantage enrollment. Medicare Advantage continues to expand and more growth is forecast for 2024.
Are you in position right now to take part in these exciting changes?
If you aren’t, we can help. Offering Medicare Advantage plans by partnering with Agility Insurance Services is a chance to expand and help your client base. Let’s take a look at what is happening in the Medicare market and how Agility can help you get in the game and succeed.
Medicare Advantage now bigger than traditional medicare
For the first time in Medicare history, more people are now enrolled in private Medicare Advantage plans than in traditional Medicare. In 2023, 30.8 million people were enrolled in Medicare Advantage plans, 51% of the eligible Medicare population.
This trend toward Medicare Advantage plans picked up steam in 2010 and enrollment has doubled since then. Many players have entered this bustling market. The average Medicare beneficiary can access 43 Medicare Advantage plans, the most choices ever offered!
Here are Medicare Advantage growth numbers for top some companies:
- For 2023, Devoted Health Group reported an increase of 75 percent! (67 percent for non-SNP and 130 percent for SNP).
- Alignment Healthcare reported an increase of 66 percent (60 percent for non-SNP and 133 percent for SNP).
- United Health Group showed a 9% increase in Medicare Advantage enrollment (3% for non-SNP and 26% for SNP).
- Humana posted an increase of 12% (8% for non-SNP and 37 percent for SNP)
- CVS posted 26% growth (20% for non-SNP and 86% for SNP).
Will this trend continue?
Yes! Experts say up to 60% of the Medicare population will be on Medicare Advantage plans by 2030. Projections show that by the end of 2024, 54% of the population will be utilizing Medicare Advantage.
Big growth is projected this year! The time to get on board is now.
Why is Medicare Advantage So Popular?
People are attracted to the better benefits and, in many cases, lower costs when compared to traditional Medicare. Here are some of the things those enrolled in Medicare Advantage plans say they enjoy:
- Extra benefits. This includes gym memberships, some over-the-counter coverage, dental coverage and other items.
- Zero premiums. Medicare Advantage enrollees pay Medicare Part B premiums but they typically don’t pay a separate premium for additional coverage or for Part D prescription drug coverage.
- Out-of-pocket limits. There is a financial protection that comes with Medicare Advantage’s annual out-of-pocket limit.
Combine these benefits with the simplicity of Medicare Advantage (all covered in one plan), along with top insurance companies marketing these plans aggressively, and it’s easy to see why Medicare Advantage is taking off.
Cigna announcement will open opportunities
In January, Cigna Group announced the planned sale of its Medicare business to Health Care Service Corporation. The deal, provided it passes regulatory approval, is expected to be done in early 2025 and will impact Cigna’s 3.6 million users.
This will open more opportunities in the Medicare market and agents should be looking at how these changes can help their business.
How does Agility help get you in the game and win?
Agility Insurance Services makes it easy for you to offer outstanding Medicare Advantage plans. Founded in 2009, Agility’s partnerships allow agents to offer a broad range of products. Additionally, we offer:
- Top commissions. See our 2024 Medicare commissions and bonus schedules here: https://www.enrollinsurance.com/medicare-commissions.
- An all-in-one digital Medicare app that offers quoting, enrollment, text-to-sign, and more.
- Bilingual support
- Training events and live webinars
- Administrative support
- Print and digital marketing material
Another year of expected growth is already here. What are you waiting for? This is the year you can expand your business by getting serious about Medicare Advantage’s benefits. Find out how to partner with Agility by visiting us on our Medicare Contracting page or contacting us at 866-590-9771.
