What is Medicare Advantage Market?
Health insurers compete by offering new pricing and product options to beneficiaries during the Open Enrollment Period for Medicare Advantage (MA) and prescription drug plans (PDPs) that runs from October 15th through December 7th of each year. Plans then begin to analyze final enrollment results in February and March to evaluate their standing and assess which competitors gained and lost members. As of March 1, 2021, total Medicare Advantage (MA), including Medicare Advantage with Prescription Drug Plan (MA-PD) membership, stood at 27,158,911 with a net gain of 2,408,192 members from March 1, 2020. Medicare stand-alone prescription drug plans (PDPs) covered 24,268,611 members as of March 1, 2021, a net decrease of 926,333 from the previous year.
The market study is being classified by Type (Health maintenance organizations (HMO), Preferred Provider Organizations (PPO), Special Need Plans and Private Fee For Service, Medical Savings Accounts and Others), by Application (Agents or Brokers and Direct Writing) and major geographies with country level break-up.
Aetna (United States), El Paso Health Advantage (United States), Reliance Medicare Advantage (India), PHP Medicare (United States), Community Health Choice (United States), Anthem (United States), Clarion Health (United States), Humana (United States), Mary Washington Medicare Advantage (United States), Troy Health Inc. (United States), MoreCare (United States), Zing Health (United States), Experience Health, Inc. (United States), Kaiser Permanente (United States), Constellation Health (United States) and ApexHealth, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Dignity Health Plan (United States), Cigna (United States) and UnitedHealthcare Group (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Analyst at AMA have segmented the market study of Global Medicare Advantage market by Type, Application and Region.
On the basis of geography, the market of Medicare Advantage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Need for Medicare Insurance among 65 Year or Older People
- High Healthcare Costs are Fuelling the Market Growth
- Demand for Low Premium Insurance
- Introduction of Technology in Insurance Processing
- Emerging Popularity of Medicare Insurance for Medicare Part D which Covers Prescription Drug
- Surging Government Programs for Medicare Insurance
- Strict Regulatory Guidelines on the Medicare
- Advancement in Delivery of Medicare Insurance
- Growing Sales Channel for Insurance
- Increasing Promotional Activities
- Lack of Awareness about the Medicare Advantages
Key Target AudienceProviders of Medicare Advantage, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Medicare Advantage Market?
"Need for Medicare Insurance among 65 Year or Older People
" is seen as one of major growth factors of Medicare Advantage Market in years to come.
2. Can we have customized study for Medicare Advantage Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Medicare Advantage Market?
will lead the Medicare Advantage Market.