KENNEBUNK, Maine--()--With 50.2 million people eligible for Medicare, according to data from the Centers for Medicaid & Medicare Services (CMS) and an estimated 3.3 million turning 65 according to the U.S. Census Bureau data, there is ample opportunity for health plans to gain membership during the 2013 open enrollment period. Modest premium rate changes also suggest that Medicare Advantage (MA) and Prescription Drug Plans (PDPs) should do well.
Medicare companies typically begin intensive market analysis in October when CMS uploads new plan benefits and co-pays to Medicare Plan Finder. This online tool, designed to help beneficiaries compare coverage options and assess out-of-pocket expenses, is also a valuable source of market intelligence for the Medicare plans’ themselves. In addition to benefit attributes, Plan Finder also includes the star ratings that measure the relative quality of all Medicare Advantage (Part C) and Part D plans. However users beware, the site doesn’t lend itself to easy data analysis nor does it help in determining what plan attributes changed from last year to this. To help Medicare companies with this essential market analysis, Mark Farrah Associates (MFA), in partnership with Strenuus LLC, organizes Plan Finder data in an easy-to-use database, Medicare Benefits Analyzer™. To learn more contact Mark Farrah Associates at 207-985-8484.
Medicare plans report premiums, benefit details and co-pays in the Plan Finder to help seniors compare coverage choices. The information and data points are presented within these broad categories: estimated health plan costs, health plan benefits, estimated drug costs, prescription drug coverage, and optional supplemental benefits. When comparing Medicare Advantage options using Plan Finder data, the disparity in monthly premiums and out-of-pocket expense estimates can be quite significant across plans.
MFA recently released a market brief that presents some interesting findings related to the 2012 Medicare marketplace using Plan Finder data from Medicare Benefits Analyzer™. To read the full text of “Medicare Advantage Competition Analysis,” visit the Analysis Briefs section on Mark Farrah Associates’ website www.markfarrah.com.
Committed to simplifying analysis of health insurance business, our products include Medicare Business Online™, Medicare Benefits Analyzer™, Health Coverage Portal™, County Health Coverage™, Health Insurer Insights™ and Health Plans USA™.