Medicare Advantage growth is slowing for the second year in a row. According to new data from the federal government, the number of insured people increased by 7.1% from 29.1 million in 2022 to 31.2 million in 2023, the slowest growth rate since 2016.[6] In 2024, the number of insured persons reached approximately 33.4 million, with the same growth rate of 7.1% compared to the previous year.[4] Some major insurers are reducing their roles in the program amid major changes. Payments for Medicare Advantage plans will increase an average of 3.32% in 2024 over 2023.[1][3][10] Growth in total value added has fallen from 10-12% per year in 2021-2023 to around 1% in 2024.[2] The average maximum out-of-pocket payment (MOOP) increased from $4,700 to $4,750.[2] Medicare Advantage market share to reach 50.2% in 2024.[7]