We’re excited to publish our 2023 Medicare Enrollment Study! In this study, we use Spark’s Data Studio to analyze trends in Medicare Advantage.
Here are the main takeaways:
- Medicare Advantage (MA) grew by 1.8m members, up 7% YoY; growth has slowed slightly relative to 2021 and 2022, where annual growth averaged 9%*
- Non-employer MA Prescription Drug plans (MAPDs) and Special Need Plans (SNPs) are the primary growth drivers (8% and 20% YoY respectively)
- Certain specialized plans, such as Medicare-Medicaid plans, regional PPOs, and Private Fee-For-Service-Plans are declining rapidly, on the order of 20 - 30%; Pace, however, increased 6% YoY
- Carrier market shares stayed relatively consistent, with no market share swings exceeding 4 percentage points in either direction (#1 is United Healthcare, #2 Humana, #3 Aetna / CVS)
- Incumbents continue to dominate; Devoted, the fastest growing startup carrier, has just 0.5% total market share
In addition, we invite you to use our Data Studio to determine:
- Which plans were most popular in your county
- Which carriers you should represent when moving into a new state and/or county
- Which markets have the highest D-SNP penetration
- Which markets have the highest PDP penetration (and therefore likely Medicare Supplement-heavy markets)
We’d love to hear your questions. Please send us an email at support@sparkadvisors.com with your thoughts!
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