HARRISBURG, PA--(Marketwired - October 03, 2014) - Ritter Insurance Marketing ("Ritter") is pleased to announce that they have completed the most detailed analysis of 2015 versus 2014 Medicare Advantage plan data available. By connecting four different reports from The Centers for Medicare & Medicaid Services, they have identified the number of Medicare beneficiaries who are likely to change plans for 2015 in each county in the country and distilled them into two "shopper's lists": those who are experiencing "plan exits" and those who are experiencing "significant benefit changes."
Describing the significance of this information, Craig Ritter, President of Ritter Insurance Marketing, said, "Studies show that Medicare beneficiaries are not likely to leave their plans unless they're changing by at least $20 per month or they're forced to switch due to an exit. Our analysis reveals where the best selling opportunities are for the Annual Enrollment Period beginning on October 15th, which is why the data is so critical to insurance agents."
Consumers who are enrolled in Medicare Advantage plans that aren't going to be available in 2015 are experiencing plan exits. These impacted individuals have two options: they can do nothing and have their coverage default to Original Medicare, in which case they should look for a Medicare Supplement and a Part D plan, or they can enroll in another Medicare Advantage plan.
Beneficiaries who are experiencing significant benefit changes are staying in their current plans or being cross-walked to new plans; however, their monthly cost is fluctuating by $35 or more in 2015 versus 2014. To calculate this cost difference, Ritter used the following formula: Total Monthly Benefit Change = Change in Monthly Premium + (Change in Annual Drug Deductible/12 months) x 50% + (Change in Annual MOOP/12 months) x 5%. So, for example, if a plan's premium increased by $10 per month, its drug deductible increased by $100 per year, and its MOOP increased by $1,000 per year, the net change would be $10 + $100/12 x 50% + $1,000/12, resulting in a Total Monthly Benefit Change of $18.33 per month.
Ritter's analysis revealed the following rankings:
Top 3 States for Plan Exits
California - 71,858
New York - 57,186
North Carolina - 56,889
Top 3 Counties for Plan Exits
Honolulu, HI - 29,703
Los Angeles, CA - 21,168
Forsyth, NC - 13,569
Top 3 States for Significant Benefit Changes
North Carolina - 134,999
New York - 114,341
Wisconsin - 101,044
Top 3 Counties for Significant Benefit Changes
Milwaukee, WI - 25,783
King, WA - 24,040
Monroe, NY - 21,907
The full analysis, which includes data on all states and the top 500 counties in the U.S., is exclusively available to agents who are affiliated Ritter.
Ritter Insurance Marketing is a national Field Marketing Organization for Senior Insurance Products. Agents affiliated with Ritter produced more than 40,000 Medicare Advantage and Medicare Part D enrollments during the 2014 Annual Enrollment Period from October 15 through December 7, 2013. With more than 83 employees and 12,000 actively appointed agents, Ritter solves the distribution needs of more than 70 insurance companies.
Contact Information:
CONTACT:
April Ford
800-769-1847, ext. 212
april.ford@ritterim.com