April 18, 2021
As a Medicare broker looking to increase sales conversions and generate Medicare Leads, it might be good to look at the Medicare Advantage Market. Millions of Medicare recipients discover that paying extra money for a Medicare Supplement in addition to paying the monthly Part B premium is a challenge.
Medicare Advantage has its roots in the 1970s when private insurance companies provided Managed Care coverage. In 1997, the Managed Care Program known as Medicare Choice was made official when Congress passed the Balanced Budget Act. Medicare Part D was established in 2003, offering coverage for prescription medications for the first time. At the same time, the name of Medicare Choice Plans was changed to Medicare Advantage Plans. The changes made it possible for Medicare recipients to receive their health coverage and prescription benefits using one ID card through a single plan. Today, most Medicare Advantage plans have prescription drug coverage included. Before signing up for Medicare Advantage, one must be enrolled in Medicare Part A and Part B. Medicare Advantage Programs are administered by private insurance companies who are paid a certain amount of money by the government to cover each Medicare recipient enrolled.
A Medicare Advantage plan is required by law to cover everything covered by Original Medicare (Part A and Part B). The only exception to this would be Hospice care which is still covered by Medicare Part A. Extra coverage may be offered through out-of-pocket maximums. This offers a buffer against catastrophic medical expenses that can best be appreciated by remembering that with Original Medicare, charges continue to accumulate and the patient is responsible for everything not covered by Medicare. Other extra benefits may be the main calling card for many potential enrollees. Some of the 'advantages' in Medicare Advantage are coverage for dental, vision, hearing, fitness, and other needed coverage. Individual policies to cover these benefits would be out of reach financially for many seniors on Medicare.
The list below reveals the diverse benefits offered by various Medicare Advantage C Plans and the percentage of Medicare Advantage enrollees who enjoy each type of benefit:
• Eye examinations and prescription glasses: 79%
• Dental benefits: 74%
• Hearing exams and hearing aid benefits: 72%
• Fitness benefit: 74%
• Telehealth benefit: 77%
• Over-the-counter medical products benefit: 61%
• Meal benefit: 39%
• Transportation: 34%
In-home services such as bathroom safety (6%) and other in-home support (4%) are enjoyed by Medicare Advantage enrollees according to their needs.
Medicare has undergone significant changes in the past 10 years with the generation called the Baby Boomers entering Medicare eligibility. In 2020, 62.0 million people were enrolled in Medicare. Of that number, 24.1 million (39 percent) were enrolled in Medicare Advantage Plans. These numbers have increased gradually since the early 2000s. The 2020 Medicare Advantage total enrollment increased by approximately 2.1 million (9 percent), almost the same as the previous year. Projections by the Congressional Budget Office (CB0) estimate that by 2030, 51 percent of Medicare beneficiaries will be enrolled in Medicare Advantage Plans. This means that more than half of the people enrolled in Medicare will have been attracted to and signed up for a desirable Medicare Advantage plan to help cover their medical expenses. Medicare Advantage leads could bring you, the broker, a steady stream of income for years to come.
The following insurance companies offered Medicare Advantage plans in 2020:
• United Health Care
• Blue Cross and Blue Shield (BCBS) (Anthem BCBS plans included)
• CVS Health
• Kaiser Permenante
Medicare Advantage leads, especially United Healthcare Medicare Advantage Leads, would be a tremendous boost in being able to contact hot leads that would likely be easy to convert. United Healthcare alone accounts for 26 percent of the nation's Medicare Advantage enrollees. Humana claims 18 percent and BCBS (counting Anthem's BCBS plans) holds another 15 percent. The four insurance companies, CVS Health, Kaiser Permanente, Centene, and Cigna are responsible for an additional 23 percent of the 2020 enrollment.
Besides all the extra advantages described above, Medicare Advantage Plans are probably the most affordable plans Medicare offers. While costs vary by locations, many Medicare Advantage plans carry a $0 premium. Enrollees will have to pay the Original Medicare premiums and Advantage plan premium when required. Deductibles, copayments, and coinsurance will also be required out of pocket. For recipients who qualify for Extra Help or Special Needs Plans, help is available with these expenses as well. Altogether, the affordability, accessibility, and choice of providers and pharmacies offered by Medicare Advantage plans keep drawing more seniors to join these plans. Medicare Advantage Leads will help you identify and contact these ready targets.
Finding a ready source of Medicare Lead Generation could give your business that long sought-after boost. Instead of doing all the time-consuming work yourself, accessing paid search advertising to supply Medicare Advantage Leads could be your smartest business move to start off 2021.
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