Thursday, June 15, 2023

Medicare Advantage Market Share in the Rocky Mountain Region

Thanks to additional benefits and usually lower costs than regular Medicare coverage, Medicare Advantage (MA) Plans have much to offer cost-sensitive Medicare-eligible individuals. Despite utilizing sometimes unpopular managed care protocols to control costs, MA plans, with their more compelling value propositions, have been attracting growing numbers of Medicare-eligible seniors away from regular Medicare coverage.  From October 2016 through May 2023, a period of only about six-and-one-half years, the market share of Medicare Advantage plans across the U.S. has grown from under 31% of Medicare-eligible seniors to 48%.

The growing popularity of Medicare Advantage plans nationally is mirrored in the five-state Rocky Mountain region of the U.S., where MA plan enrollment has grown from an approximate 29.9% share of the Medicare-eligible market in October 2016 to a 44.8% market share as of May 2023.  Here is a state-by-state look at how Medicare Advantage market share in the Rocky Mountain region has expanded from October 2016 to May 2023:

Medicare Advantage Market Share in the Rocky Mountain Region

Medicare Advantage Market Share in the Rocky Mountain Region

Medicare Eligible (1) MA Enrollment (1) % MA Market Share
Area May-23 Oct-16 May-23 Oct-16 May-23 Oct-16
CO 999.9 829.9 505.3 274.4 50.5% 33.1%
ID 377.6 294.7 175.4 93.7 46.5% 31.8%
MT 253.7 209.6 69.6 41.6 27.4% 19.8%
UT 446.2 359.3 220.3 123.7 49.4% 34.4%
WY 122.7 98.9 14.7 2.6 12.0% 2.6%
Region 2,200.1 1,792.5 985.3 536.0 44.8% 29.9%
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

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