President Donald Trump signs an executive order to protect and improve Medicare. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Health insurers continue to see Medicare Advantage as a lucrative business, especially as aging Baby Boomers have propelled enrollment to about 22 million people, Bloomberg reports.

Why it matters: Health insurers and the Trump administration are working fast to sign people up for the private Medicare plans instead of traditional Medicare. And the president's executive order last week aims to keep funneling even more people toward Medicare Advantage over time, Axios' Marisa Fernandez writes.

By the numbers: About 1/3 of all Medicare enrollees are in Medicare Advantage, according to the Kaiser Family Foundation.

  • Insurers collect a fee from the government for each person who signs up, Bloomberg notes. It added up to about $254 billion in 2019.

What to watch: The share of traditional Medicare enrollees is decreasing, and it's predicted more than half of Medicare members will be in private plans by 2025, Bloomberg reports. The enrollment period opens Oct. 15.

Go deeper: Trump still doesn't have an alternative to "Medicare for All"

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