Staying Competitive in an Expanding Medicare Advantage Market
Over the past year, the health plan landscape has seen significant enrollment shifts, especially within government-sponsored plans. According to MMIT’s Directory of Health Plans, the top 10 Medicare Advantage insurers accounted for 77.2% of the national market at the close of 2022. Nine of the top 10 organizations reported year-over-year growth ranging from 2.8% to 56.8%, with a cumulative average growth rate of 13.4%.
Supplemental prescription drug plan (PDP) enrollment for traditional Medicare has also shifted, with the number of beneficiaries enrolled in MA Part D (MA-PD) plans now surpassing the number enrolled in supplemental plans by 10%. In addition, members now have an additional 248 MA-PD plans to choose from, a figure that will only increase with payers’ planned expansions across new counties and states.
To remain competitive in this high-growth environment, MA plans need an objective, normalized view of shifting market dynamics. With potential rate cuts on the horizon, MA plans will be under increasing pressure to make their product designs more cost-efficient while maintaining attractive benefits, including enhanced supplemental benefits to address health-related social needs.
By arming payers, PBMs and manufacturers with validated enrollment data and transparent information on key medical groups, formularies, and ACOs, healthcare vendors can ensure their clients are making strategic decisions that will help them thrive in a volatile market.
For more analysis, read the full article on Fierce Healthcare. To see how MMIT can help you analyze enrollment data and health plan activity, learn more about our Directory of Health Plans and Payer Landscape solutions.
