MCMURRAY, Pa.--(BUSINESS WIRE)--In the latest Healthcare Business Strategy report, Mark Farrah Associates (MFA), www.markfarrah.com, reported Medicare Supplement membership experienced a year-over-year increase of 3.8%. Medicare Supplement plans, also known as Medigap or Med Supp plans, covered almost 13.1 million seniors as of December 31, 2017. Many insurance carriers experienced gains in Med Supp business with UnitedHealth retaining its leading position in this segment, covering approximately 4.5 million members.
According to MFA’s report, Medicare Supplement plans collectively earned $29.9 billion in premiums and paid out $23.2 billion in claims during 2017. The aggregate loss ratio (incurred claims as a percent of earned premiums) was 77.7%. MFA’s assessment of standardized plan type preferences for 2017 found Plan F, the most comprehensive design, enrolled nearly 7.1 million Medigap members which accounted for 54% of the market. Enrollment gains were also significant in standardized plan types G and N with growth rates of 31% and 12%, as these plans have been gaining popularity as viable alternatives to Plan F.
The Medicare Supplement market remains strong. With forthcoming policy changes, it will be interesting to see what new trends may emerge in this important product segment. MFA will continue to track shifts in the Medicare Supplement market. To read the full text of "Continued Growth for Leading Medicare Supplement Plans," visit the Analysis Briefs library on Mark Farrah Associates' website.
About Med Supp Market Data
Med Supp Market Data, a Health Coverage Portal option offered by Mark Farrah Associates, presents the latest market share and financial performance data for Medicare Supplement plans. The product includes state-by-state membership, premiums, claims and loss ratios for plans nationwide. Online tables also include claims contacts as reported in the financial statements as filed with the National Association of Insurance Commissioners (NAIC). California managed care plans do not file financial statements with the NAIC and are not included in this analysis. For more information about Med Supp Market Data, please visit our website (www.markfarrah.com) or call 724.338.4100.
About Mark Farrah Associates (MFA)
MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include Medicare Business Online™, Medicare Benefits Analyzer™, Health Coverage Portal™, County Health Coverage™, and Health Plans USA™.