Despite slowing growth and regulatory headwinds, Medicare Advantage enrollment remains strong and outlook positive
CHICAGO, March 5, 2024 /PRNewswire/ -- Chartis, a comprehensive healthcare advisory firm, today announced the release of its annual 2024 Medicare Advantage competitive enrollment report. This year's report is a collaboration between Chartis and HealthScape Advisors, A Chartis Company. Together, they help payers and providers manage transformational change in a rapidly evolving healthcare ecosystem that is increasingly defined by payer-provider convergence.
- This year's edition of the report shows that despite strong enrollment gains, market growth appears to be slowing.
- The Medicare Advantage market grew by 1.7 million beneficiaries (+5.4%) in 2023, slowing down from the record growth of 2.7 million (+9.4%) in 2022.
- This ongoing enrollment growth is fueled by an increasing senior market but is overshadowed by regulatory pressures, declining quality scores, and rising medical costs.
- In addition to top-line enrollment statistics and executive sentiment, Chartis' 2024 Medicare Advantage report analyzed:
Special Needs Plan (SNP) growth: SNP enrollment has surged, adding 1.2 million members.