Medicare Supplement Store Blog
Medicare Advantage, or Medicare Part C, enrollment has been in continuous growth over the years. A study by MedicareAdvantagePlans.org in the last quarter of 2020 revealed a 9% increase of Americans enrolled in it. The researchers also found that 36% of Medicare beneficiaries switched to Medicare Advantage.
COVID- 19 Pandemic
The coronavirus disease of 2019 is the primary driving force behind this elevation in Medicare Advantage enrolment. With over a million fatalities, it only makes sense for people to prepare for worst-case scenarios through their insurance. Through the study, researchers found that several factors contributed to people choosing Medicare Advantage. These are the following:
Medicare Advantage in the Incoming Years
For these reasons, the research authors predicted an increase of 64% annually in Medicare Advantage plans sales, starting in 2021. The pandemic also resulted in 34% of Medicare Advantage plans offering COVID-related benefits. These include costs for testing, care packages, and personal protective equipment.
Additionally, the study noted that 45% of respondents would be changing their original Medicare plans to Medicare Advantage plan this year. By 2030, the Congressional Budget Office sees 51% of overall Medicare beneficiaries enrolling in Medicare Part C.
Many are still unaware of their insurance options, even when Americans are forced to reconsider their policies annually. The New York Times found that 57% of Medicare enrollees fail to check their coverage options. It might be due to having little knowledge or simply not knowing that better options are available.
The pandemic significantly influenced the increase of Medicare Advantage enrollment. With prescription drug coverage, affordability, and supplemental benefits, more Americans are switching to it.
At Medicare Supplement Store, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (732) 252-8828. Get your free quote today by CLICKING HERE.