Rising Enrollment in Medicare Advantage Plans

The percentage of Medicare beneficiaries enrolled in private Medicare Advantage (MA) plans has risen steadily since 2005, when higher payments from Medicare to private health insurers enabled them to offer more attractive plans to consumers. About half of Medicare beneficiaries are projected to be enrolled in private plans in 2024, with growth slowing in succeeding years. MA plans can help reduce out-of-pocket expenses and might cover services not covered by Medicare, but they often have limited networks and may require approval to cover certain medications and services.