Here are five findings from the latest Kaiser Family Foundation (KFF) report.
Medicare Advantage (MA) enrollment doubled in the past 10 years and will continue to rise
The report notes that more than one-third of All Medicare beneficiaries (24.1 million people out of a total of 67.7 million Medicare beneficiaries) are enrolled in MA plans. The share of all Medicare beneficiaries enrolled in MA plans will increase to roughly 51 percent by 2030, according to the Congressional Budget Office.
Most MA enrollees didn’t have to pay a premium (other than the Part B premium) in 2020
Ninety percent of MA plans offer prescription drug coverage and 89 percent of MA enrollees are in plans that have this coverage. Sixty percent of these beneficiaries pay no premium for their plan, other than the Medicare Part B premium.
The average out-of-pocket limit is less than $5K for in-network services
The average out-of-pocket limit for in-network services is $4,925 (HMOs and PPOs) and $8,828 for out-of-network services (PPOs). The report noted that the average overall out-of-pocket limits for in-network and out-of-network services have been on the decline since 2017.
Majority of MA plan members have access to benefits not covered by traditional Medicare
Most members are in plans that offer access to eye exams or glasses (79 percent), telehealth services (77 percent), dental care (74 percent), fitness programs (74 percent), and hearing aids (72 percent). CMS is also allowing MA plans to enhance their benefits for 2020 in response to COVID-19, such as transportation, meal delivery, and expanded telehealth services to support social distancing.
Most MA members enroll in plans that have 4 or more stars
Seventy-eight percent of MA enrollees in 2020 are in plans with quality ratings of 4 or more stars. The report found that the number of MA members in plans with 3 stars declined by half from 6 percent in 2019 to 3 percent in 2020.
To learn more, click here to read the complete KFF analysis.