“Data and the best minds in the industry are looking for nominal growth in 2022,” says Jesse Slome, director of the Medicare advocacy organization. “We expect the number of policies to total 14.6 million, about 100,000 more than each of the previous two years.”
Citing data for the prediction, the Association Director recognized CSG Actuarial, leading experts, for analyzing the Medicare market. “Clearly the growth trend is stronger for Medicare Advantage (MA) plans,” Slome acknowledged. The Association recently reported that some 26 million MA plans will exist in 2022.
“It’s hard to compete when the TV after show features a celebrity spokesperson touting premium-free Medicare coverage with all those extra benefits at no cost,” Slome adds. “I give a lot of credit to the legion of insurance agents who work out there educating consumers about the pros and cons of different Medicare options. Free is not always free.
The Association’s director said the number of people covered by Medigap has grown steadily over the past decade. “In 2010, some 9.7 million policies were in force,” he notes. “The numbers started to stabilize around 2018.”
“There are indeed reasons to consider Medigap and reasons for dedicated insurance agents to offer it to consumers,” Slome concludes. “You can counter celebrity spokespersons if you share benefits and meaningful information. That’s why we collect and offer relevant data. Medicare statistics can be accessed through the Association’s website at www.medicaresupp.org/facts-2022.
The American Association for Medicare Supplement Insurance advocates for the importance of informed planning. AAMSI supports insurance professionals who market Medicare insurance solutions.
To access a nationwide online directory of local Medicare Insurance agents, go to www.medicaresupp.org/find-local-agent/. Access to the directory is free.