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 plans, covered over 13.7 million seniors as of December 31, 2022. Many leading managed care organizations, Blues plans, regional plans, and multiline carriers compete in the Medicare Supplement space.
Medicare Supplement plans collectively earned approximately $33.9 billion in premiums and paid out $28.3 billion in claims during 2022.
The aggregate loss ratio (incurred claims as a percent of earned premiums) was 83.6% as of December 2022.
MFA’s assessment of standardized plan type preferences for 2022 found Plan F, the most comprehensive design, enrolled approximately 5.3 million members.
Enrollment gains were also significant in standardized plan type G with a year-over-year increase of over 490,000 new members.
To read the FREE full text of “Medicare Supplement Enrollment Down Slightly in 2022“, 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)
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.
Contacts
Mark Farrah Associates
Ann Marie Wolfe, [email protected]
