Medicare Advantage Market Size & Share Sees Big Growth By 2024| UnitedHealth, Humana, Cigna
Medicare Advantage is one of the rare products in the U.S. healthcare system that not only satisfies the “triple aim” of healthcare improvement — that is, improving the experience of care and the health of populations while reducing per capita healthcare costs — but also appeals to the self-interests of three very powerful constituents that have been driving its march forward: consumers, health plans and the government.
Medicare Advantage to continue its slow but steady growth, reaching 60% to 70% penetration sometime between 2030 and 2040.
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The Medicare Advantage, individual and group markets all pack healthy profit margins for insurers, according to a Kaiser Family Foundation report released this week.
Average gross margins — the average amount by which premium income exceeds yearly claims costs for each covered person — are considered a critical benchmark for insurer financial performance. Of the three private health insurance markets, the Medicare Advantage market had the highest gross margins, with an average of $1,608 per enrollee per year.
The average gross margin for the MA market was about double the gross margins of the other two markets, pegged at $855 per covered person for the group market, and $779 per covered person for the individual market.
The report mainly studies the size, recent trends and development status of the Medicare Advantage market, as well as investment opportunities, government policy, market dynamics (drivers, restraints, opportunities), supply chain and competitive landscape. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Porter’s Five Forces Analysis (potential entrants, suppliers, substitutes, buyers, industry competitors) provides crucial information for knowing the Medicare Advantage market.
Major players in the global Medicare Advantage market include:
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On the basis of types, the Medicare Advantage market is primarily split into:
Health maintenance organizations (HMO)
Preferred Provider Organizations (PPO)
Special Need Plans and Private Fee For Service
Medical Savings Accounts
On the basis of applications, the market covers:
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