Few Medicare Advantage Enrollees Switch Plans Annually

piechartA recent study from Kaiser Family Foundation shows that only about 11% of Medicare Advantage enrollees are voluntarily switching plans annually despite savings benefits.  The study shows that on average, enrollees that take advantage of the annual AEP and change plans save around $17.50 per month in monthly premiums, and lower out-of-pocket limits by about $400.

These results show the importance of educating enrollees about the benefits of shopping their Medicare Advantage options each year and providing them the tools they need to do so.

78% of enrollees remained in the same plan, 2% switched to Original Medicare, 5% were involuntarily switched to a different plan because their plan exited their service area, and 3% of plans were terminated because of death.

Posted in Industry News, Medicare Advantage/Part D Prescription, Medicare Information