The Medicare Advantage market is experiencing a typical growth fluctuation since the past 3 years. Recent reports verify that this market is slowly attaining maturity. These reports has been published by the Mark Farrah Associates. The article has been written keeping in view of this report and includes essential facts and figures to complement the content.
Since the past 3 years of extreme struggle, Medicare Advantage companies prudently downsized growth prospects for the open registration period of the session 2008-2009. The Mark Farrah Associates has brought out a report in the Healthcare Business Strategy sector, which substantiated a sluggish pace of growth; as because it was found that from October 2008 to January 2009, the rate of growth is only 2%.
Mark Farrah Associates is actually a fact collector that searches on different essential data, statistics and other information on the healthcare insurance market and issues them, so that it can be circulated in public. A large number of health insurance companies; especially those interested in health insurance market study, are the satisfied clients of MFA.
The report focuses on the way the managed Medicare programs charged at the time of the recent open registration phase, during which different conventional pricing packages and product plans were launched. However, the complete outcomes of the open registration phase will not be manifested, till the time, when the February 1, 2009 facts are announced. Still, the assessments of the membership of January 2009 offers fascinating glimpses, some of which are explained below:
- The total number of registration for the Medicare Advantage plans since the commencing of January 1, 2009 is found to be at 10,421,393 along with a total profit of 225,500 new enrollees as of October 2008 till January 2009. The 2% rate of growth for the session was slowed from 3% for the same phase, before a year.
- Humana and the UnitedHealth group manage above 30% growth rate of the market, which is ahead by 2% since the past 1 year.
- The HMO (Health Maintenance Organizations) and the Point of Service plans of HMO were able to include above 6.6 million of the overall Medicare Advantage enrollees. These plans were able to earn a profit of 1.4% for the session. Still now these plans stand as the most well-liked forms among all the existing Medicare Advantage options.
- Even though there is a broad price variety for these plans with some zero premium payment facilities; but still the average cost of an HMO program along with the benefit of the prescription drug coverage is $35.21 every month.
- Amidst the session of 2008-2009, above 1,600 PFFS (Private Fee for Service) plan types were eradicated.
For more detailed explanation and reports on the maturity process of Medicare Advantage Market, interested one's can search the official website of Mark Farrah Associates, i.e. www.markfarrah.com. Readers can also find lots of essential facts on the most accepted industry assessment series, viz. Healthcare Business Strategy.