Over recent years, Medicare Advantage (Part C) plans are becoming an increasingly popular option for Medicare beneficiaries. According to the Kaiser Family Foundation, 48% of eligible Medicare beneficiaries were enrolled in these plans as of 2022. That popularity has resulted in continued increases in the number of Medicare Advantage plans available to Medicare beneficiaries – providing both coverage improvements, but also potential confusion as you compare a multitude of plan offerings in your area.

Here’s what to know about trends in the number of Medicare Advantage plans potentially available to you, and how SmartMatch Insurance Agency can help:

Total Medicare Advantage Plans (as of 2023)

Since 2016, the number of total Medicare Advantage plans available has increased each year, rising to a high mark of 3,998 plans available to beneficiaries in 2023. This does not mean every beneficiary has nearly 4,000 plans to choose from; rather, those are the total number across the nation. Your location and other factors determine how many plans are specifically available to you.

Total Medicare Advantage Plans (2023)

* Data courtesy of the Kaiser Family Foundation, “Medicare Advantage 2023 Spotlight: First Look“

Average Medicare Advantage Plans By Beneficiary (as of 2023)

As stated above, the total number of Medicare Advantage plans does not account for how many plans are actually available to a Medicare beneficiary based on certain eligibility criteria. However, similar to the table above, there has been an increase in the average number of plans available to Medicare beneficiaries each year since 2017. In 2023, the average Medicare beneficiary could choose from 43 Medicare Advantage plans – with 35 of those including prescription drug coverage (MA-PDs).

The average Medicare beneficiary can choose from plans offered by nine carriers in 2023.

Average Medicare Advantage Plans By Beneficiary (2023)

* Data courtesy of the Kaiser Family Foundation, “Medicare Advantage 2023 Spotlight: First Look“

Making Sense of Your Medicare Advantage Plan Options

The increasing volume of Medicare Advantage plans potentially available to Medicare beneficiaries gives you the power of choice to evaluate, compare and potentially change plans each year during enrollment periods such as the Annual Enrollment Period, or Special Enrollment Periods.

However, making sense of your options can be a difficult task, with many variables to consider. As you’re evaluating your coverage, it’s important to focus on key areas that helps you feel confident that your coverage for the following year maintains your current health, financial and lifestyle needs. Answering questions about new health conditions, your current prescription drug coverage, changes in premiums or co-pays, as well as travel plans, needed benefits and more can help you align on a Medicare Advantage plan that stands out.

LEARN MORE: When Should I Switch My Medicare Plan?

In addition, a licensed, independent insurance broker like SmartMatch Insurance Agency can assist you in sorting through the available Medicare Advantage plans in your area, providing consultation on what to consider and even helping you enroll.

Key Takeaway

As of 2023, there were 3,998 Medicare Advantage plans available in the United States, with the average Medicare beneficiary being able to choose from 43 Medicare Advantage plans from (on average) nine carriers. When deciding what Medicare Advantage plan is right for you, answer questions around your health conditions, lifestyle and financial changes that could determine which plan is best suited for your needs.