This week, our In Focus section examines Medicare Advantage (MA) enrollment changes resulting from the 2020 Annual Election Period (AEP). The AEP takes runs from October 15 to December 7 each year, and provides an opportunity for Medicare beneficiaries to sign up for, change, or disenroll from an MA plan for the upcoming year. The majority of enrollment changes occur during this period, but depending on beneficiary circumstances, additional opportunities may exist throughout the year to change coverage. Initial findings from the enrollment data suggest:
- The rapid growth of MA has led to nearly equal enrollment between MA and standalone Part D Plans
- Special Needs Plans (SNPs) are the fastest growing type of MA plan
- While MA plans experience the greatest growth during AEP, SNPs have more significant gains outside the AEP
- The five largest national MA organizations now cover 2 out of 3 MA Enrollees
- Nearly 80 percent of enrollees have chosen MA plans with 4 or more Stars
- Smaller markets are experiencing faster growth as MA plans look for new opportunities
Additional information about these findings and other trends identified can be found here.