The Typical Medicare Beneficiary Has Close to 70 Different Medicare Advantage and Medicare Part D Stand-Alone Plan Options for 2023
The Medicare open enrollment period that runs from October 15 to December 7 each year is an opportunity for Medicare beneficiaries in traditional Medicare and Medicare Advantage to evaluate their current coverage, compare plans, and decide whether to make a change for the coming year. Beneficiaries can compare Medicare Advantage plans, mainly HMOs and PPOs, which provide all Medicare-covered benefits, typically including Part D drug coverage, and may offer other benefits such as vision, dental, and hearing benefits. Beneficiaries can also compare Part D stand-alone prescription drug plans, which add drug coverage to traditional Medicare. Costs and coverage can vary from one plan to another and can change from one year to the next.
For coverage in 2023, the typical beneficiary has close to 70 different Medicare private plan options, consisting of 43 Medicare Advantage plans, including 35 with Part D drug coverage and 8 without, and 24 Part D stand-alone drug plans. This total represents two-thirds more plan options than the typical beneficiary had six years ago, an increase driven by a substantial expansion of Medicare Advantage plan offerings.