Saturday, June 3, 2023

Medicare Advantage Market Share in the Far West

Despite employing managed care cost controls that are sometimes unpopular with consumers, Medicare Advantage (MA) plans have experienced strong market share growth across the country in recent years. With additional benefits and typically lower costs, MA Plans offer a compelling value compared to Original Medicare, a value proposition that is drawing more and more interest from Medicare-eligible seniors.  In the slightly more than six-and-one-half years from October 2016 to May 2023, the market share of MA plans across the U.S. has grown from under 31% of Medicare-eligible Americans to 48%.  

The increasing popularity of Medicare Advantage plans nationally is reflected in the six-state Far West region of the U.S., where MA plan enrollment has grown from an approximate 38% share of the Medicare-eligible market in October 2016 to 49.1% as of May 2023.  Here is a state-by-state look at how Medicare Advantage market share in the Far West has grown from October 2016 to May 2023:

Medicare Advantage Market Share in the Far West

Medicare Advantage Market Share in the Far West

Medicare Eligible (1) MA Enrollment (1) % MA Market Share
Area May-23 Oct-16 May-23 Oct-16 May-23 Oct-16
AK 108.0 86.6 2.1 0.4 1.9% 0.4%
CA 6,714.2 5,840.0 3,345.4 2,288.6 49.8% 39.2%
HI 298.2 252.3 158.9 115.3 53.3% 45.7%
NV 581.1 473.2 286.8 161.0 49.4% 34.0%
OR 922.4 786.9 492.5 347.3 53.4% 44.1%
WA 1,476.2 1,240.3 669.1 373.6 45.3% 30.1%
Region 10,100.1 8,679.3 4,954.8 3,286.1 49.1% 37.9%
Total(2) 65,390.9 56,888.7 31,362.0 17,489.5 48.0% 30.7%

(1) in thousands; region totals may not equal the sum of individual states due to rounding adjustments
(2) includes U.S. territories

No comments:

Post a Comment

Let us know what you think about today's commentary!