More Americans than ever are enrolling in Medicare Advantage plans, a trend that shows no signs of slowing down. At the same time (and it’s no mere coincidence), health insurers continue to expand the supplemental benefits in their Medicare Advantage plans.
Consider these statistics from CMS and the Kaiser Family Foundation:
- A record-setting estimated 26 million Americans were expected to enroll in a Medicare Advantage plan for 2021, up from approximately 24 million in 2020.
- For the 2021 plan year, 3,550 Medicare Advantage plans are available to Medicare beneficiaries — an increase of 402 plans over 2020.
- The average beneficiary can choose from 33 plans in 2021 (up from 28 in 2020) offered by an average of eight insurers (an increase of one over 2020).
- Nearly all (98%) of Medicare Advantage plan members have access to a variety of supplemental benefits.