The most current 2023 Medicare Advantage statistics have been shared by the American Association for Medicare Supplement Insurance (AAMSI).
“We strive to provide relevant information that consumers seek and insurance professionals can utilize to better understand Medicare options,” explains Jesse Slome, director, AAMSI. “Medicare Advantage plans now clearly dominate the landscape but they comprise only one of the options consumers have available.”
According to the latest data reported by the organization, 2023 enrollment in Medicare Advantage plans stands at 29.5 million. “This marks an increase of 1.5 million beneficiaries though growth has slowed compared to the last three years,” Slome shares.
Medicare Advantage enrollment in 2022 was 28.0 million an increase from 23.4 million in 2020.
The number of Medicare Advantage plan options available to consumers increased by 11.4 percent between 2019 and 2023. “Some 4,100 plan options are currently available nationally,” Slome shares. “Consider that only 1,945 were around in 2015.”
For-profit insurers account for 72.6 percent of all Medicare Advantage (MA) enrollment in 2023, up from 71.8 percent in 2022. Among the 10 largest for-profit Medicare Advantage Plans based on 2023 enrollment are familiar names including UnitedHealthcare, Humana, CVS Health / Aetna, Elevance – Anthem and Centene. Each had over one million plan participants according to data posted by AAMSI.
To access the 2023 Medicare Advantage statistics and data information visit the Association’s website at https://www.medicaresupp.org/information/.
The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. To use the Association’s local Medicare insurance agent directory, go to https://www.medicaresupp.org. There is no charge and no personal information is entered to access the directory.