MCMURRAY, Pa.--(BUSINESS WIRE)--In the latest Healthcare Business Strategy report, Mark Farrah Associates (MFA), www.markfarrah.com, reported Medicare Supplement plans, also known as Medigap or Med Supp, covered 14 million seniors in 2020. MFA identified 188 distinct carriers that filed annual data with the NAIC as of December 31, 2020.
- Medicare Supplement plans collectively earned approximately $33.7 billion in premiums and paid out $24.4 billion in claims in 2020.
- The aggregate loss ratio (incurred claims as a percent of earned premiums) was 72.3%.
- MFA’s assessment of standardized plan type preferences for 2020 found Plan F, the most comprehensive design, enrolled over 6.2 million members. Enrollment gains were also significant in standardized plan type G.
- UnitedHealth maintained its leading position in this segment with almost 4.5 million members.
To read the FREE full text of "Year-Over-Year Medicare Supplement Market Snapshot and Plan Performance Insights", visit the MFA Briefs on Mark Farrah Associates' website. You can also follow us on LinkedIn.
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)
Mark Farrah Associates (MFA) is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Our product portfolio includes Health Coverage Portal™, County Health Coverage™, 5500 Employer Health Plus, Medicare Business Online™, Medicare Benefits Analyzer™, and Health Plans USA™. For more information about these products, refer to the informational videos and brochures available under the Our Products section of the website or call 724-338-4100.
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