MCMURRAY, Pa.--(BUSINESS WIRE)--Mark Farrah Associates (MFA), www.markfarrah.com, compared second quarter, year-over-year profitability for the Individual, Employer-Group, Medicare and managed Medicaid segments. Financial insights were gleaned from aggregated 2Q22 and 2Q23 statutory financial data from MFA’s Health Coverage Portal™.
For 2Q23, the average medical expense ratio for the Individual segment was 82.4%, as compared to 82.9% the previous year.
For the Employer-Group Risk segment, growth in premium was slightly outpaced by the increase in medical expenses, moving the average medical expense ratio for this segment up to 84% for 2Q23, from 83.7% in 2Q22.
For Medicare Advantage, premium growth, which was greater than the increase in medical expenses, pushed the average medical expense ratio for this segment up to 85.9% for 2Q23, from 85.4% in 2Q22.
For Managed Medicaid, three of the five segment leaders continued to report financial results leading to a medical expense ratio below the segment average of 87.3%.
Market analysts throughout the industry rely on enrollment data and segment performance metrics to gain better insights into health plan market share and competitive positioning. 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 health plan performance and competitive shifts across all healthcare segments.
To read the full text of "Mid-Year 2023 Health Insurance Segment Profitability", 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!
Healthcare Business Strategy is a FREE monthly brief that presents analysis of important issues and developments affecting healthcare business today. If you would like to be added to our email distribution list, please submit your email to the "Subscribe to MFA Briefs" section at the bottom of this page.