According to a recent KFF report, a record number of people enrolled in private Medicare Advantage plans last year (https://ibn.fm/YEpRJ). That trend bodes well for Astiva Health, a fast-growing Medicare Advantage Prescription Drug (“MAPD”) health plan that is committed to reshaping personalized and comprehensive healthcare.
“For the first time in Medicare’s history, more than half of all eligible people with Medicare, or 30.8 million people in 2023, are enrolled in private Medicare Advantage plans,” reported the KFF article. “Medicare Advantage plans are offered by private health insurance companies that receive payments from the federal government to provide Medicare-covered services. People with Medicare have a choice between traditional Medicare (sometimes called fee-for-service Medicare or Original Medicare) and Medicare Advantage plans.
“The growth in Medicare Advantage enrollment is driven by a number of factors, including the Medicare payment system, which has served to attract and retain insurers and beneficiaries, rather than reduce Medicare spending,” the article continued. “Medicare Advantage enrollment has more than doubled since 2010 and is projected to grow from 54% of the eligible population in 2024 to 60% by the end of this decade.”
The article, titled “10 Reasons Why Medicare Advantage Enrollment is Growing and Why It Matters,” noted several reasons for the upward trend. First and foremost, “people with Medicare are drawn to Medicare Advantage for the extra benefits,” stated the article. Those benefits include reduced cost-sharing, dental coverage, gym memberships and debit cards for over-the-counter medical supplies that are not covered by traditional Medicare.
In addition, people with Medicare are drawn to Medicare Advantage plans that are marketed as “zero premium” products, the article pointed out. “Like traditional Medicare beneficiaries, Medicare Advantage enrollees are required to pay the Medicare Part B premium, but unlike beneficiaries in traditional Medicare, they typically do not pay a separate premium for additional coverage or for Part D prescription drug premium because Medicare Advantage rebate dollars cover these costs.”
Other reasons for increased enrollment in Medicare Advantage plans include premiums for Part D standalone prescription drug plans that supplement traditional Medicare are rising rapidly and people with Medicare are attracted to the financial protection that comes with an annual out-of-pocket limit that Medicare Advantage plans are required to provide. In addition to the financial benefits, people with Medicare are attracted to the simplicity and convenience of Medicare Advantage, which provides all coverage in one plan, eliminating the need to obtain a Medicare Part D plan and a Medigap plan.
Astiva Health is focused on being a leader in the Medicare Advantage space. The company is keenly aware of the uniqueness of its members and is dedicated to delivering quality care to each individual. With that in mind, the company has developed one of the most diverse networks in Southern California and offers a selection of benefits tailored to the specialized needs of its members.
“We believe that health is an essential key to living a good life,” the company states (https://ibn.fm/iyf5U). “We are making it our mission to help our members love life through community-based health plans focused on serving individual member needs, tailored comprehensive benefit packages to meet member’s personalized needs and best support our local, underserved member population, and a culturally responsive approach to healthcare offering multilingual solutions for customer service, marketing materials and educational materials. Our mission is to deliver an unparalleled level of quality care to our members and establish relationships that will last a lifetime.”
For more information, visit the company’s website at www.AstivaHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to Astiva Health are available in the company’s newsroom at https://ibn.fm/Astiva
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