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Medicare Advantage enrollment
over the last year grew by 7.4%, reflecting slower growth than previous years
and falling slightly below CMS’s expectations. According to the latest update
to AIS’s Directory
of Health Plans (DHP), the MA
program enrolled nearly 31 million beneficiaries as of February. That data
reflects the full outcome of the 2023 Medicare Annual Election Period (AEP).
Despite the slowdown in enrollment, insurers’ increased investments in
Special Needs Plans (SNPs) appear to be paying off, while MA plans say their
attempts to maintain affordability and enrich benefits contributed to their
AEP successes.
Payers are offering more SNPs
- The latest
update to DHP shows that roughly 2.1 million beneficiaries were added to
the MA rolls. About 45% of that year-over-year increase can be
attributed to growth in SNPs.
- With increased
investments by some major insurers in Dual Eligible SNPs (D-SNPs), which
can enroll new members every quarter, it’s likely that much of the
enrollment data outside of AEP represents SNP enrollments, as well as
new beneficiaries aging into Medicare, suggests Rebellis Group CEO Betsy
Seals.
- Additionally,
regional insurers that have observed increasing rates of duals aging
into Medicare in their markets relative to non-duals are more interested
in pursuing D-SNPs, and that’s a trend Seals expects to continue after
the pandemic, she tells AIS Health.
- “As the market
has become more and more competitive…the kind of final strategy play” is
to enter the duals space or offer Chronic Condition SNPs, she adds. “But
especially the D-SNP. Because there’s a state part of the process…a lot
of carriers up until recently have kind of shied away from entering the
duals market. But we’re seeing now that that is really changing, that
there’s not too many other places to go.”
Payers emphasize
affordability, approachability
- Senior Vice
President of Individual Medicare Sales Armando Luna tells AIS Health
that the impact of inflation on older adults was top of mind when Aetna
considered its product offerings for 2023. “Benefits that help them stay
healthy — and save money — are really resonating with our members,” he
says. Aetna made its products available through multiple channels and
brought in more digital touchpoints for consumers to access information.
- The average
year-over-year enrollment increase for the publicly traded insurers was
8.8%, estimates DHP, with UnitedHealthcare leading the pack at 11.1%,
followed by Humana (9.1%), Elevance Health (7.4%) and Aetna
(7.1%).
- Established
regional insurers also demonstrated strong enrollment gains, many of
them Blue Cross and Blue Shield plans. Of the top 25 MA payers, Blue
Cross and Blue Shield of Minnesota and Excellus BlueCross
BlueShield showed above-average growth of 8.2% and 7.7%, respectively.
In addition to holding onto a 5-star rating for its MA HMO, Excellus for
2023 said it launched a veteran-focused PPO plan, Medicare BlueSalute,
and added to its existing offerings with lower cost sharing, reduced
premiums and enhanced dental coverage. Meanwhile, Blue Cross and Blue
Shield of North Carolina added more than 20,400 members for
year-over-year growth of 22.7%.
- “Providing
seniors with the most benefits at the lowest possible cost is a top
priority for Blue Cross NC,” a spokesperson for the North Carolina Blues
plan tells AIS Health. In addition to retaining 4.5 stars for its Blue
Cross NC Medicare Advantage HMO and PPO plans, the insurer for 2023 is
offering $0 premium plans in all 100 counties across the state and began
offering additional resources to help ease the burden on caregivers,
including in-home support, transportation services and personal
emergency response.
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