MCMURRAY, Pa.--(BUSINESS WIRE)--In the latest Healthcare Business Strategy report, Mark Farrah Associates (MFA), www.markfarrah.com provided an overview of the 2023 Medicare Supplement market with insights about competitive positioning and standardized plan type preferences. Medicare Supplement plans, also known as Medigap or Med Supp plans, covered over 13.58 million seniors as of December 31, 2023. Many leading managed care organizations, Blues plans, regional plans, and multiline carriers compete in the Medicare Supplement space.
Highlights Include:
- MFA’s assessment of standardized plan type preferences for 2023 found Plan G surpassed Plan F as the most popular plan type, enrolling approximately 5.3 million members.
- Approximately 4.9 million Med Supp members were enrolled in Plan F and accounted for 36% of the market in 2023.
- Medicare Supplement plans collectively earned approximately $35.3 billion in premiums and paid out $29.6 billion in claims during 2023.
- The aggregate loss ratio (incurred claims as a percent of earned premiums) was 83.9% as of December 2023.
To read the FREE full text of "Medicare Supplement Enrollment Down Slightly in 2023," 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.
