As medical needs increase with age, many seniors find themselves grappling with questions about coverage options, costs, and eligibility. Understanding the latest Medicare and Medicaid statistics can provide valuable insights into how these programs work, how they are changing, and what this means for senior’s health and financial security.
This article will cover five key insights into Medicare and Medicaid statistics, examining enrollment rates, dual eligibility, and Medicare Advantage plans. We'll also explore the requirements for Medicare & Medicaid enrollment, providing a step-by-step guide through the application process.
Contact Medflyt today and determine your eligibility for Medicare and Medicaid coverage for our home care services.
More than 93 million people are currently enrolled in Medicaid nationwide. For older adults, this figure highlights the importance of Medicaid as a safety net covering expenses not fully paid by Medicare, such as long-term care.
To apply for Medicaid through Medicaid expansion, visit your state Medicaid program website or healthcare.gov. The application process typically requires personal information, income details, and proof of residency to determine eligibility based on expanded income guidelines. Seniors and others eligible under Medicaid expansion can apply online, by phone, in person at local Medicaid offices, or by mailing a completed application form.
Approximately 12.5 million Americans have dual eligibility for both Medicare and Medicaid programs. For these individuals, Medicare-covered services include primary healthcare services, while Medicaid covers additional costs like long-term care, premiums, and out-of-pocket expenses. This dual coverage eases financial strain on seniors and other Americans facing poverty and illness.
Despite the availability of other options, 55 percent of U.S. residents continue to enroll in low-quality Employer-Sponsored Insurance (ESI) coverage. This may mean facing higher out-of-pocket costs, limited coverage, and restricted access to healthcare services for seniors who are still working.
Roughly 29 million Medicare beneficiaries opt to receive their Medicare Parts A and B benefits through Medicare Advantage Plans. Medicare Advantage is an alternative to traditional Medicare that provides prescription drug coverage, vision, and dental care. For seniors, Medicare Advantage Plans may be appealing due to their extra healthcare services and lower out-of-pocket costs.
About one-third of seniors in the United States are enrolled in private plans through Medicare Advantage, highlighting the growing preference for these plans over the traditional Medicare program. Many seniors choose Medicare Advantage plans for their added benefits and potentially lower costs, but they may face restricted provider networks and specific plan rules.
9 out of 10 dual Medicare and Medicaid enrollees live on less than $20,000 a year. This shocking statistic highlights the importance of Medicare and Medicaid services in providing essential health insurance coverage, alleviating the financial strain of medical care for seniors and low income individuals.
If your aging loved one needs consistent in-home support, they may be eligible for Medicaid coverage from the federal government to reduce out-of-pocket home care costs.
Check your loved one’s Medicaid eligibility with Medflyt’s user-friendly tool today.
Centers for Medicare and Medicaid Services. “Medicare Monthly Enrollment.” May 2024. https://data.cms.gov/summary-statistics-on-beneficiary-enrollment/medicare-and-medicaid-reports/medicare-monthly-enrollment.
Katherine Keisler-Starkey. “Health Insurance Coverage in the United States: 2022.” United States Census Bureau. September 12, 2023. https://www.census.gov/library/publications/2023/demo/p60-281.html.
Medicaid.gov. “May 2024 Medicaid & CHIP Enrollment Data Highlights.” May 2024. https://www.medicaid.gov/medicaid/program-information/medicaid-and-chip-enrollment-data/report-highlights/index.html.
Pena, Maria T. “A Profile of Medicare-Medicaid Enrollees (Dual Eligibles).” KFF. January 31, 2023. https://www.kff.org/medicare/issue-brief/a-profile-of-medicare-medicaid-enrollees-dual-eligibles/.