SANTA CLARA, Calif., Sept. 24, 2019 /PRNewswire/ -- Today Scott Flanders, the CEO of eHealth, Inc. (NASDAQ: EHTH) (eHealth.com) hailed projected 2020 premium reductions for Medicare Advantage plans as a big win for beneficiaries ahead of the Annual Enrollment Period.
The Centers for Medicare and Medicaid Services (CMS) announced today that 2020 premiums for Medicare Advantage plans are expected to drop 14% compared to 2019 premiums, or 23% compared to 2018 premiums. CMS also says 2020 beneficiaries will have 1,200 more Medicare Advantage plans to choose from compared to 2018, and projects 24.4 million Medicare Advantage enrollees next year, 2.2 million more than current enrollment levels.
"This is great news for Medicare beneficiaries as they prepare for the upcoming open enrollment period," said eHealth CEO Scott Flanders. "There's been a tremendous amount of innovation and excitement in the Medicare Advantage market, leading to increased diversification of benefits, competition between insurers, and tremendous new opportunities for beneficiaries to make the most of their Medicare coverage."
Mr. Flanders continued: "The CMS announcement is also great news for eHealth as CMS earlier in the year announced that maximum allowable compensation rates for Medicare Advantage (MAPD) products are increasing 5.8% year over year for 2020 at the same time that costs are decreasing for consumers. With the start of the Medicare Annual Enrollment Period just a few short weeks away, eHealth is ready to help the increasing number of consumers turning to Medicare Advantage to discover their options for 2020."
As described in eHealth's second quarter earnings report, submitted applications for Medicare Advantage plans at eHealth increased 73% in the first half of 2019 compared to the same period the year before.
Medicare's nationwide Annual Enrollment Period for 2020 is scheduled to begin October 15, 2019 and continue through December 7, 2019.
About eHealth eHealth, Inc. (NASDAQ: EHTH) owns eHealth.com, a leading private online health insurance exchange where individuals, families and small businesses can compare health insurance products from brand-name insurers side by side and purchase and enroll in coverage online and over the phone. eHealth offers thousands of individual, family and small business health plans underwritten by many of the nation's leading health insurance companies. eHealth (through its subsidiaries) is licensed to sell health insurance in all 50 states and the District of Columbia. eHealth also offers educational resources, exceptional telephonic support, and powerful online and pharmacy-based tools to help Medicare beneficiaries navigate Medicare health insurance options, choose the right plan and enroll in select plans online or over the phone through Medicare.com (www.Medicare.com), eHealthMedicare.com (www.eHealthMedicare.com), GoMedigap (www.goMedigap.com) and PlanPrescriber.com (www.PlanPrescriber.com).