Wednesday, October 21, 2015

The Number of Medicare Advantage Plans Will Increase by 3% in 2016


Kaiser Family Foundation recently conducted an analysis on changes to Medicare Advantage offerings for 2016. Here are some key findings from the report:

·         The number of Medicare Advantage plans will increase from 1,945 plans in 2015 to 2,001 plans in 2016.

·         203 Medicare Advantage plans will exit markets at the end of 2015 while 259 new plans will enter in 2016.

·         87% of plans that will be offered in 2016 were also available in 2015.

·         Medicare beneficiaries will be able to choose among 19 plans, on average, in 2016.

·         16 of the 19 average plans will offer Part D prescription drug coverage.

·         3% of Medicare Advantage enrollees are in plans that are exiting the market at the end of 2015.

Source: Kaiser Family Foundation, October 13, 2015

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