MCMURRAY, Pa.--(BUSINESS WIRE)--Mark Farrah Associates (MFA), www.markfarrah.com, assessed Medicare Advantage (MA), including Medicare Advantage with Prescription Drug Plan (MA-PD) and Prescription Drug Plan (PDP) performance, market share and market penetration by state as of March 1, 2023. Total MA membership exceeded 31.7 million and Medicare stand-alone PDPs covered over 22.5 million members. Key highlights include:
- The top ten carriers covered nearly 80% of all MA enrollees, with UnitedHealth remaining the market share leader.
- Texas experienced the most sizeable year-over-year increase of over 198,000 MA members.
- Stand-alone PDPs continued to see a significant decrease of approximately 911,000 enrollees between March 1, 2022 and March 1, 2023.
- CVS, Centene, UnitedHealth, Humana and Cigna were the top five companies that dominate 89% of the PDP market.
Many companies conduct their post-OEP (Open Enrollment Period) competitive assessments by using tools such as Mark Farrah Associates’ (MFA) Medicare Business Online™ and Health Coverage Portal™ to evaluate any changes in their market standings. To read the FREE full text of “Nearly 80 Percent of Medicare Advantage Enrollees Covered by 10 Insurers", visit the Analysis Briefs library on Mark Farrah Associates' website.
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. MFA’s Medicare Business Online™ (MBO) product simplifies the tracking of monthly Medicare Advantage and PDP enrollment by competitor. The Medicare Benefits Analyzer™ presents benefit copay comparisons across hundreds of benefit attributes by plan as reported in the Plan Finder on Medicare.gov. MFA also offers Med Supp market data enrollment and financial insights for companies interested in Medicare Supplement business. Committed to simplifying analysis of health insurance business, our products also include: Health Coverage Portal™, County Health Coverage™, Health Plans USA™ and 5500 Employer Health Plus. Follow us on LinkedIn!