Medicare Advantage Dominates Enrollment and Premiums in 2023
Medicare Advantage has surpassed original Medicare in enrollment, with 50.5% of beneficiaries enrolled in a private plan as of January 2023. Medicare Advantage plans have grown in popularity due to their lower costs and additional benefits, such as drug coverage and gym memberships. However, they often involve trade-offs, such as limited provider networks and high out-of-pocket costs for certain services. Beneficiaries can switch their coverage during Medicare's open enrollment period, but may face difficulty buying a Medigap supplement plan to cover what original Medicare doesn't.