Medicare To Be The Fastest Growing Sector In The Health Insurance Market

Health Insurance Market

Offering hundreds of plans and service options tailored to their individual medical needs, insurers are putting on the hard press to attract new baby boomers aging into the program, With Medicare open enrollment getting underway this week.
Guy Penney, a Sacramento, California, hairstylist who turns 65 next month, says he’s been deluged with mailings from insurers for months now. He said that he’s never thought much about health insurance because he’s been covered under his wife’s benefits for years. He added it seems a little scary as one may feel betrayed or suspicious about getting the best deal.
Medicare annual enrollment started on Tuesday and ran through Dec. 7.
Medicare is now the fastest-growing segment of the health insurance market, with 10,000 baby boomers aging into the program every day. Enrollment in private Medicare Advantage plans has grown by about 8% a year on average, and for 2020, the Trump administration is projecting the market will see 10% growth.
The primary health insurers are all expanding coverage for next year to try to capture more market share. CVS Health’s Aetna unit is moving into more than 260 new counties. Rival United Healthcare is expanding into 100 new markets, Cigna is adding 80 new counties, while Humana is adding more than two dozen.