The annual election period for 2023 Medicare Advantage plan and Medicare Part D prescription drug plan coverage ends Tuesday — and early indications are that plan sales are booming.
Humana, which now has about 5 million Medicare Advantage plan enrollees, today prepared for a round of investor meetings by telling the U.S. Securities and Exchange Commission that it expects to increase 2023 Medicare Advantage plan enrollment by about 500,000.
That's at least 25% higher than the company's previous enrollment increase forecast, for an increase of 325,000 to 400,000 members.
The Google Trends web search traffic tracking tool shows that search activity for the term "medicare advantage" has been about as high this fall as it was around the same time last year, despite new Centers for Medicare and Medicaid Services marketing campaign requirements.
What It Means
More of your clients are buying — and thinking about — Medicare Advantage plans.
That will give you a topic you can use to start conversations about health cost planning and all forms of risk management.
For clients who have signed up for Medicare Advantage plans, you might need to talk about care utilization management arrangements for paying for any out-of-network care, and, possibly, the need for travel insurance, for clients who opted for locally based coverage without considering the six months they spend every year in their winter homes.
