Mark Farrah Associates (MFA), www.markfarrah.com, recently assessed Medicare Advantage (MA), including Medicare Advantage with Prescription Drug Plan (MA-PD) and Prescription Drug Plan (PDP) performance, market share and market growth by state as of April 1, 2024. Report findings indicate more than half of people eligible for Medicare selected a Medicare Advantage plan and another third selected a Part D - prescription drug plan in 2024. Total MA membership exceeded 33.4 million and Medicare stand-alone PDPs covered nearly 22.7 million members. Key highlights include:
- The top ten carriers covered nearly 80% of all MA enrollees, with UnitedHealth remaining the market share leader with over 9.4 million enrolled.
- California experienced the most sizeable year-over-year increase of approximately 148,000 enrollees.
- Stand-alone PDPs experienced a notable increase of approximately 467,000 members between April 2022 and April 2023, largely due to a new BlueCross BlueShield Association (BCBSA) plan.
- Centene, CVS, UnitedHealth, Cigna, and Humana were the top five companies and currently dominate 87.5% of the PDP market.
Many companies conduct their post-OEP (Open Enrollment Period) competitive assessments by using tools such as Mark Farrah Associates’ (MFA) Medicare Business Online™, Medicare Benefits Analyzer™, and Health Coverage Portal™. to evaluate any changes and opportunities in their markets.
To read the FREE full text of “Half of People Eligible for Medicare Selected Medicare Advantage Plans in 2024", visit the Analysis Briefs library on Mark Farrah Associates' website.
About Mark Farrah Associates (MFA)
Mark Farrah Associates (MFA) is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. MFA’s Medicare Business Online™ (MBO) product simplifies the tracking of monthly Medicare Advantage and PDP enrollment by competitor. The Medicare Benefits Analyzer™ presents benefit copay comparisons across hundreds of benefit attributes by plan as reported in the Plan Finder on Medicare.gov. MFA also offers Med Supp market data enrollment and financial insights for companies interested in Medicare Supplement business. Committed to simplifying analysis of health insurance business, our products also include: Health Coverage Portal™, County Health Coverage™, Health Plans USA™ and 5500 Employer Health Plus. Follow us on LinkedIn!
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Contacts
Mark Farrah Associates
Ann Marie Wolfe, amwolfe@markfarrah.com
