MCMURRAY, Pa.--(BUSINESS WIRE)--Mark Farrah Associates (MFA), www.markfarrah.com, presents an analysis of the top insurers and employers in the Miami, Florida area, gleaned from 5500 Employer Health Plus, a product designed to simplify the analysis of the 5500 series data Miami is home to several large employers, attracting both national and local insurers competing for a share of the expanding health insurance industry. Focusing attention on total health and health-related premiums earned through risk-based insurance (not self-funded) in Miami, it is apparent that all the leading national carriers are competing in the area, including UnitedHealth, CVS/Aetna, Anthem, Kaiser Foundation, and Humana.
UnitedHealth maintained its position as the dominant insurer in Miami between 2016 to 2019.
Overall, premiums for health-related business in the Miami market, reported through the Form 5500 data, indicated consistent growth across all years from $3.0 billion in 2016 to $3.9 billion in 2019.
- Examining the Miami market closer, it became obvious that one national employer is driving the performance of the top insurance carriers and influencing and masking the full industry picture locally.
Large private-sector employers providing health and welfare benefit plans subject to ERISA are required to file the annual Form 5500 with the Internal Revenue Service. Benefit information found within the 5500 Series filings includes employer-reported figures such as insured counts and premiums, as well as sponsor and broker information.
About 5500 Employer Health Plus
MFA’s 5500 Employer Health Plus has been designed to simplify the analysis of employer health and welfare benefits including medical, dental, vision, disability and other benefits. This tool uniquely focuses on health and ancillary benefits purchased by private sector employers and the relationships employers have with contracted insurers, administrators and brokers. The user interface allows for both detailed and summary level data retrieval. Data sources include Form 5500 filings and related schedules for plans that have the indication of providing health & welfare benefits.
To read the FREE full text of “An Analysis of Private Sector Health Insurance Business in the Miami, Florida Area", visit the Analysis Briefs library on Mark Farrah Associates' website.
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: Health Coverage Portal™, Medicare Business Online™, Medicare Benefits Analyzer™, County Health Coverage™, Health Plans USA™ and 5500 Employer Health Plus. Follow us on LinkedIn!