The Better Medicare Alliance released its 2023 State of Medicare Advantage Report, which shows record-setting enrollment in Medicare Advantage plans. The report highlights several key findings, including the fact that in-home support services provided by Medicare Advantage plans increased 50% between 2022 and 2023. The average monthly premium for Medicare Advantage beneficiaries in 2023 is at a 16-year low of $18. Beneficiaries report spending significantly less on out-of-pocket costs and premiums annually, resulting in $2,400 in savings, which amounts to 44% less than other Medicare options. Medicare Advantage offers substantial value to both beneficiaries and the federal government, covering all Medicare-covered services for 24% less than Fee-For-Service (FFS) Medicare. Additionally, 95% of beneficiaries are highly satisfied with their coverage. Between 2022 and 2023, in-home support services increased 50%.
Click here to learn more about the State of Medicare Advantage Report.