About Medicare Advantage
Health insurers compete by offering new pricing and product options to beneficiaries during the Open Enrollment Period for Medicare Advantage (MA) and prescription drug plans (PDPs) that runs from October 15th through December 7th of each year. Plans then begin to analyze final enrollment results in February and March to evaluate their standing and assess which competitors gained and lost members. As of March 1, 2021, total Medicare Advantage (MA), including Medicare Advantage with Prescription Drug Plan (MA-PD) membership, stood at 27,158,911 with a net gain of 2,408,192 members from March 1, 2020. Medicare stand-alone prescription drug plans (PDPs) covered 24,268,611 members as of March 1, 2021, a net decrease of 926,333 from the previous year.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aetna (United States), El Paso Health Advantage (United States), Reliance Medicare Advantage (India), PHP Medicare (United States), Community Health Choice (United States), Anthem (United States), Clarion Health (United States), Humana (United States), Mary Washington Medicare Advantage (United States), Troy Health Inc. (United States), MoreCare (United States), Zing Health (United States), Experience Health, Inc. (United States), Kaiser Permanente (United States), Constellation Health (United States) and ApexHealth, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Dignity Health Plan (United States), Cigna (United States), UnitedHealthcare Group (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Medicare Advantage market by Type (Health maintenance organizations (HMO), Preferred Provider Organizations (PPO), Special Need Plans and Private Fee For Service, Medical Savings Accounts and Others), Application (Agents or Brokers and Direct Writing) and Region.
On the basis of geography, the market of Medicare Advantage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Introduction of Technology in Insurance Processing, Emerging Popularity of Medicare Insurance for Medicare Part D which Covers Prescription Drug and Surging Government Programs for Medicare Insurance
Market Growth Drivers:
Need for Medicare Insurance among 65 Year or Older People, High Healthcare Costs are Fuelling the Market Growth and Demand for Low Premium Insurance
Challenges:
Lack of Awareness about the Medicare Advantages
Restraints:
Strict Regulatory Guidelines on the Medicare
Opportunities:
Advancement in Delivery of Medicare Insurance, Growing Sales Channel for Insurance and Increasing Promotional Activities
Market Leaders and their expansionary development strategies
In January 2024, HCSC has signed a definitive agreement with The Cigna Group to acquire its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D and CareAllies businesses. The acquisition will benefit HCSC’s current and future members by enhancing the company’s capabilities and reach, particularly in the growing Medicare segment.
In January 2024, Biden-Harris Administration announced new actions to promote competition in health care, including increasing transparency in the Medicare Advantage (MA) insurance market and strengthening MA programmatic data.
Key Target Audience
Providers of Medicare Advantage, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.