Medicare Advantage Insurers in Retreat
Medicare Advantage enrollment may contract for the first time in 20 years as private insurers reduce plan offerings and benefits.
Medicare Advantage has gained popularity over the past decade with zero-dollar premiums and generous benefits, but growth has slowed in recent years.
“Those people in Medicare Advantage who have pretty much had a stable, easy way to go through open enrollment? Not this year,”
said Diane Omdahl, president and founder of 65 Incorporated, a Medicare consulting firm. Insurers cite increasing care costs as the reason for cuts.
As Medicare's annual enrollment period begins, beneficiaries will face tough choices with fewer options.
Author's summary: Medicare Advantage enrollment may decline due to reduced plan offerings and benefits.