Medicare beneficiaries have been embracing healthcare Advantage more and more, but the program has now accomplished a significant milestone.
Over half of the eligible beneficiaries now receive Medicare coverage through Medicare Advantage, according to recently released data from the Centers for Medicare and Medicaid Services.
Rise in Alignment Healthcare
Alignment Healthcare, meanwhile, revealed a $37.3 million loss for the first quarter, which was a little narrower than the same period last year due to a rise in the number of people signing up for its Medicare Advantage plans.
Alignment posted a first-quarter loss of $37.3 million, or 20 cents per share, compared to $40.8 million, or 23 cents, in the first quarter of the previous year.
The company stated on Thursday that it has met or exceeded projections every single quarter since its initial public offering in March 2021.
The first quarter’s revenue increased by more than 27% to $439.2 million.
The rise in revenue and Healthcare Advantage enrollment is evidence that Alignment’s efforts in new areas to boost enrollment are beginning to bear fruit.
Membership in Alignment’s health plan increased by 16.5% to 109,700.
Part A and B benefits are covered by Medicare Advantage, a commercial health insurance option to traditional healthcare benefits, frequently for no additional cost beyond the Part B premium.
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How Private Insurers Serve Enrollees
KFF analysts predict growing interest in how well the program serves enrollees who receive Healthcare coverage from private insurers as Medicare Advantage continues to expand.
This group is becoming more diverse and comprises a disproportionate number of Black, Hispanic, Asian, and Pacific Islander beneficiaries.
Alignment’s expansion in the Healthcare Advantage market is crucial as well because it faces competition from much bigger companies like UnitedHealth Group, CVS Health’s Aetna health insurance business, Humana, and a variety of Blue Cross and Blue Shield plans.
Additionally, recent reports indicate that this healthcare benefits enrollment may be slowing and that some plans are losing members, especially smaller and more regional plans.
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