Medicare is a beast of a health care system, and a lot of people don’t know what to do when they turn 65. Honestly, we don’t blame them.
If you want the best Medicare stats or are just looking for more information, you’ve come to the right place.
This is a complete list of up-to-date Medicare stats in 2023.
Medicare Stats In 2023
1. By the end of 2021, there were 63.8 million Americans in Medicare. That number continues to grow in 2022. (CMS)
2. Around 14% of all Medicare recipients are under age 65. (Single Care)
3. 14.6 million people have Medicare supplement (Medigap) plans in 2022. (Medicaresupp)
4. There are 83.5 million Americans currently enrolled in Medicaid. (CMS)
7. The Part A (hospital services) deductible increased from $1,484 in 2021 to $1,556 in 2022. This is a 4.85% increase. (CMS)
8. By 2031, Medicare is estimated to cost over 1.7 trillion a year. (Single Care)
9. 27.5 million Americans are enrolled in a Medicare Advantage plan, as opposed to original Medicare, which has 36.3 million Americans. (CMS)
10. 48.7 million Americans are enrolled in Medicare Part D, whether that’s through Medicare Advantage or buying Part D separately. (CMS)
11. The projected Medicare enrollment by 2060 is 93.8 million. (Statista)
12. The Congressional Budget Office predicts that the share of seniors enrolling in Medicare Advantage as opposed to just original Medicare will rise from 42% currently to 51% of all Medicare enrollees by 2030. (Medicaresupp)
13. 10 drugs account for 17% of all Medicare Part D spending. (Single Care)
14. 33.4 milllion Americans were served Medicare funded treatments. (CMS)
15. By the end of 2021, United Healthcare had the most share of Medicare Advantage enrollees at 27% of the market. (Medicaresupp)
16. The Medicare Hospital Insurance trust fund is projected to be fully depleted and become insolvent by 2026. (Statista)
17. There are 7.1 million children in CHIP (Children’s Health Insurance Program) run by CMS, a decrease from 7.2 millions in 2019. (CMS)
18. Harvoni, a treatment for Hepatitis C, is the drug with the largest share of Part D spending, at $4.4 billion a year. (Single Care)
19. Over 30% of the nations drug spending is from Medicare Part D. (Single Care)
22. California has the highest number of Medicare beneficiaries with over 6.2 million. (Statista)
23. The Medicare Part B deductible increased from $203 in 2021 to $233 in 2022. (CMS)
24. There are 766 Part D drug plans available in 2022, down from 996 plans in 2021. (Single Care)
25. The minimum Medicare Part B monthly premium increased from $148.50 in 2021 to $170.10 in 2022. (CMS)
26. The maximum Medicare Part B monthly premium increased from $504.90 in 2021 to $578.30 in 2022. (CMS)
27. Share of all healthcare spending on prescription drugs has grown from 5-6% in the 1990s to over 10% today. (Medicaresupp)
28. The most common health condition among Medicare recipients is high blood pressure. 58% of all Medicare recipients have this condition. (Single Care)
29. The average Medicare Part D premium was $31.47 in 2021 and $33 in 2022. (Single Care)
30. As of the start of 2022, 19.2% of the population is covered by Medicare. (CMS)
31. As of the start of 2022, 25.1% of the population is covered by Medicaid. (CMS)
To sum it all up:
- The percent of Americans in Medicare and Medicaid is growing
- Medicare has financial problems and some funding sources will be insolvent in the coming years
- A growing percentage of healthcare spending is on prescription drugs
- A higher share of Americans are enrolling in Medicare Advantage plans
- Medicare premiums are rising quickly
Here is a helpful chart showing the difference between all Medicare supplement plans and what they cover.
If you want to see quotes instantly from all of the top Medicare supplement companies in your state fill out our quote form to compare and save the most money.