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 3.95%. Medicare Supplement plans, also known as Medigap or Med Supp plans, covered almost 13.6 million seniors as of December 31, 2018. Many leading managed care organizations, Blues plans, regional plans, and multiline carriers compete in the Medicare Supplement arena.
- Medicare Supplement plans collectively earned approximately $31.3 billion in premiums and paid out $24.7 billion in claims during 2018.
- The aggregate loss ratio (incurred claims as a percent of earned premiums) was 78.9%.
- MFA’s assessment of standardized plan type preferences for 2018 found Plan F, the most comprehensive design, enrolled almost 7.05 million members.
- Enrollment gains were also significant in standardized plan type G with a growth rate of 39%.
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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™. Mark Farrah Associates maintains financial data as well as enrollment and market share for the health insurance industry in its subscription-based Health Coverage Portal™. MFA will continue to monitor enrollment changes and competitive shifts across all healthcare segments.
