Almost All Medicare Advantage Enrollees Satisfied with Coverage

Medicare Part C, otherwise known as Medicare Advantage, is offered by private insurance plans contracted by the federal government. They typically offer prescription, vision and dental coverage as well. Some plans even offer gym memberships and debit cards for over-the-counter medical supplies, according to KFF.

For these reasons and more, Medicare Advantage enrollment is on the rise. It now accounts for 51% of all Medicare beneficiaries. In 2007, nearly two decades ago, only 29% of eligible customers chose Medicare Advantage, according to KFF. At the current rate, The Commonwealth Fund estimates that by 2030, 42 million beneficiaries will be enrolled in Medicare Advantage.

A recent survey of 2,164 Medicare Advantage enrollees done by health insurance agency eHealth revealed that 93% of Medicare Advantage enrollees are “satisfied” or “very satisfied” with their choice.

The survey, conducted last month, relied on responses from both eHealth customers and those in the general public.

Most (96%) of participants also reported that they chose Medicare Advantage because it helped them to afford their coverage gaps and 97% believe that the government should continue to work to preserve access to coverage.

Further insights were provided by eHealth via a market analysis done during the Medicare Annual Enrollment Period for 2024, which lasted from Oct. 15 to Dec. 7, 2023. Results were posted this month. The tallies of their seventh-annual Medicare Index Report showed that $9 is the average monthly premium for Medicare Advantage coverage for the second year in a row. Eighty-four percent of customers also chose plans with a $0 premium, which is why the average monthly premium is so low. The average deductible for these plans is $95, which is the first time the rate has been below $100 in the past six years.

Overall, Medicare Advantage in 2024 offers an average of 43 plans to choose from, depending on service area. Eight providers offer plans this year, of which UnitedHealthcare and Humana accounted for 47% in 2023, according to KFF.

Outside of eHealth, the monthly average cost of Medicare Advantage for this year is $18.50. For Part D, which covers prescription drugs, monthly costs are sitting at about $34.70.

Under original Medicare, enrollees generally do not have a premium for Part A. Part B monthly premiums are set according to income. The standard Part B monthly premium in 2024 is $174.70 a month, according to the 2024 Medicare.gov fact sheet.

“With Medicare Advantage plans predicted to soon become the dominant form of Medicare coverage, it will be important to assess beneficiaries’ experiences and the long-term sustainability of the program to ensure Medicare Advantage plans provide effective, efficient, and equitable care,” reads an article from The Commonwealth Fund.