Demand for zero-premium Medicare Advantage
plans has hit a plateau; the average premium for Part D plans
remains historically high
SANTA
CLARA, Calif., Nov. 16,
2023 /PRNewswire/ -- American seniors and other
Medicare beneficiaries are midway through Medicare's Annual
Enrollment Period (AEP), but which plans are they selecting for
2024, and how does that compare with prior years? To answer these
questions, eHealth, Inc. (Nasdaq: EHTH) (eHealth.com), a leading
online private health insurance marketplace, released its latest
original research examining costs and plan selection
trends.
eHealth's Medicare Snapshot: AEP Costs & Trends report
is unique. While other organizations produce landscape analyses of
the Medicare market as a whole, eHealth's report focuses on what
Medicare beneficiaries are actually selecting for themselves during
the first half of AEP (October 15 through
November 8, 2023). This year's report covers six years of
insightful trendline data.
Highlights from the report:
- Demand for zero-premium Medicare Advantage plans is
stable: 66% of all Medicare Advantage plans come with no
monthly premium*, but they're popular with enrollees. eHealth
found that 83% of beneficiaries choosing Medicare Advantage plans
selected zero-premium plans. Nevertheless, demand for zero-premium
plans is lower than in prior years: 84% of beneficiaries chose
zero-premium plans for the 2023 coverage year; for 2022, that
figure was 88%.
- The average premium for Medicare Advantage plans is higher
for the second year in a row: $9
is the average monthly premium among Medicare Advantage plans
selected by beneficiaries shopping for 2024 coverage at eHealth,
compared to $7 in the same period
last AEP and $4 the year before.
- Average premiums for Medicare Part D prescription drug plans
remains high: $29 is the average
monthly premium for Part D plans selected by Medicare beneficiaries
at eHealth, down slightly from $31 in
the same period last AEP, but still significantly higher than
eHealth tracked for the 2019 through 2022 coverage years.
Read the full report.
No information relevant to eHealth's financial performance
should be drawn from this report. Like other insurance brokers,
eHealth is compensated on a fixed per-member basis for Medicare
Advantage and Part D plans, as regulated by the Centers for
Medicare and Medicaid Services, and on a percentage of premium
basis for most Medicare Supplement plans.
For additional methodology information, please refer to the
report.
Notes
* Source: KFF's Medicare Advantage 2024 Spotlight
About eHealth (NASDAQ: EHTH)
We're Matchmakers. For
over 25 years, eHealth has helped millions of Americans find the
healthcare coverage that fits their needs at a price they can
afford. Consumers can visit our health insurance marketplace at
eHealth.com or call us to speak with a licensed insurance
agent at 1-833-964-1202, TTY 711. As a leading independent licensed
insurance agency and advisor, eHealth offers access to over 180
health insurers, including national and regional companies.
For more information, visit eHealth.com or follow us on
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Media inquiries, please contact: pr@ehealth.com
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SOURCE eHealth, Inc.