Medicare Advantage enrollment may contract for the first time in 20 years as private insurers reduce plan offerings and benefits.
Despite its popularity over the past decade, with zero-dollar premiums and generous benefits, the rate of growth has slowed in recent years.
“Those people in Medicare Advantage who have pretty much had a stable, easy way to go through open enrollment? Not this year,”
said Diane Omdahl, president and founder of 65 Incorporated, a Medicare consulting firm. Insurers cite increasing care costs as the reason for these cuts.
As Medicare's annual enrollment period begins, beneficiaries will face tough choices with fewer options.
Author's summary: Medicare Advantage enrollment may decline due to reduced plan offerings.