What Are Medicare Advantage Enrollment and Penetration in ?
Some residents are signed up for Medicare Advantage plans in . That translates to a penetration rate of about % among all people eligible for Medicare.
What Is Medicare Advantage?
Medicare Advantage packages the same access to doctors and hospitals as Original Medicare with other benefits. These options include prescription drugs, vision and dental coverage. Private companies administer Medicare Advantage plans with deductibles, copayments, and coinsurance. Members usually get their benefits through an HMO or PPO.
Beneficiaries get lower premiums and a cap on out-of-pocket costs. But they get fewer choices of doctors and are limited to a geographic area for their plans.
What Are Trends in Medicare Advantage Enrollment in ?
enrollment numbers for Medicare Advantage plans have increased over the last dozen years. In 2008, about signed up for Medicare Advantage. In 2020, that number grew to some out of about residents who are eligible for Medicare.
What Are Noteworthy Trends in Medicare Advantage Penetration or Enrollment by County?
Medicare Advantage penetration rates have roughly quadrupled since 2008 in New Jersey. The most extensive growth occurred in Essex County with a penetration rate of 36.82% as of the latest figures in June 2020. The lowest penetration rate was in Monmouth County at 22.57%. While the popularity of Medicare Advantage plans has grown in New Jersey, the growth has only about kept pace with the total number of residents who are eligible for Medicare.
Source: Centers for Medicare and Medicaid Services, Medicare Advantage enrollment files by state, county and contract.