It’s not a secret that the Medicare Advantage market is booming.
At Anthem, for instance, enrollment in MA was up nearly 18% at the end of 2020 compared to the year before, reaching 1.4 million members.
Total Medicare enrollment, including both MA and supplement plans, was also up more than 11% at the end of 2020, Anthem told investors on Wednesday, reaching 2.4 million.
“We’re pleased with our continued growth in this important segment for Anthem,” CEO Gail Boudreaux said on the insurer’s earnings call.
Chief Financial Officer John Gallina told investors that Anthem is also “projecting double digital growth at the midpoint” of 2021 for Medicare Advantage, and that the company expects “continued, measured growth” over the course of the year in MA.
Boudreaux added that the insurer’s Essential Extras offering in Medicare Advantage drew significant interest in 2020, with a 300% increase in members selecting a benefit through the program.
In eligible plans, members have the option of choosing coverage for a number of services depending on their needs or desires, ranging from transportation to a health and fitness tracker to assistance from a personal home helper.