There is a big change occurring in the Medicare insurance market and that change is the exciting growth of Medicare Advantage plans.
In 2023, for the first time ever, the number of seniors choosing a Medicare Advantage plan was greater than those enrolled in traditional Medicare. In 2023, 30.8 million people were enrolled in Medicare Advantage (often referred to as MA) plans, 51% of the eligible Medicare population.
More MA growth is expected this year. As an agent, are you prepared to take advantage of these exciting changes in Medicare?
Let’s take a look at what Medicare Advantage is, why it is so popular, and how Pandora Insurance can help you succeed in the Medicare marketplace.
What is Medicare Advantage?
Medicare Advantage is an all-in-one Medicare coverage package that is provided by health insurance companies in the U.S. For this year, 43 companies are offering MA plans. This is the most choice ever offered in this market!
Seniors choosing Medicare Advantage receive hospital coverage, medical coverage, and often prescription drug coverage. Many plans also bundle in extra benefits like gym memberships, dental, and vision care. This straightforward bundling is big factor in the popularity of MA plans.
Often there are no premiums associated with a Medicare Advantage plan. For plans that do charge, the average cost is $18.50 per month. Before enrolling in Medicare Advantage, seniors must first enroll in Medicare Parts A and B. The Part B premium must be paid (around $175 per month for most people) and most people don’t pay a Part A premium.
Another draw to Medicare Advantage are annual out-of-pocket limits that cap a senior’s medical costs.
More Growth Expected
This trend toward Medicare Advantage plans picked up steam in 2010 and enrollment has doubled since then. Many players have entered this bustling market and these companies provide marketing and customer education so that seniors are familiar with MA.
Experts say up to 60% of the Medicare population will be on Medicare Advantage plans by 2030. Projections show that by the end of 2024, 54% of the population will be utilizing Medicare Advantage.
The growth is there. Are you ready to get in the game?
How Pandora Can Help
Pandora Insurance partners with the major insurers in the Medicare market. We have the training, commissions, and marketing support that you deserve.
Enjoy these benefits when contracted with us!
* Free Pre-licensed courses for our contracted agents
* Industry leading carrier contracting
* Federal Marketplace Certification for Affordable Care Act (ACA)
* MEDICARE AHIP annual certification discount
* Knowledge-based and practical training
* Partnerships with proven sales professionals in the Medicare industry
* Medicare off-the-shelf marketing material, custom layouts
* Carriers include: ACA (Obamacare), Medicare, life and supplemental
* Commission and bonus reporting
* Bilingual support
Start today on your path to growing your Medicare business! Get contracted by filling out a simple form on our website. Or contact us at 305-231-9898.
This information is confidential and intended solely for broker use. Distribution to Medicare beneficiaries is not permitted.
