Alignment Healthcare's Medicare Advantage enrollment spiked in 2023 with growth outpacing overall industry projections, the company disclosed Monday.
Medicare Advantage membership rose 44% to 155,000 by year-end, for-profit Alignment Healthcare revealed in a filing to the Securities and Exchange Commission.
Related: CVS raises Aetna Medicare Advantage projections for 2024
According to Alignment Healthcare, 82% of its new Medicare Advantage customers switched from rival carriers, and 62% previously had coverage from other for-profit insurers. The company expects 2024 membership to reach 164,000, which would be a 5.8% increase.
The Centers for Medicare and Medicaid Services projects Medicare Advantage enrollment will grow 7% across the board this year. CMS is expected to announce the results of the 2024 open enrollment period next month.
In contrast to fellow insurtechs such as Bright Health Group and Clover Health, which have endured financial difficulties, Alignment Healthcare has found success in the Medicare Advantage market at a time when the sector faces headwinds.
