Medicare Supplement Enrollment Tops 10 Million
KENNEBUNK, Maine--(BUSINESS WIRE)--The number of people covered under Medicare Supplement policies topped 10 million as of December 31, 2012, according to a new Healthcare Business Strategy report released by Mark Farrah Associates (MFA). Aggregated data from annual financial statements filed with the National Association of Insurance Commissioners (NAIC) revealed Medicare Supplement plans covered 10.1 million seniors as of December 31, 2012. Total membership increased 2% from 9.9 million in 2011. MFA found that the number of newer policies, those issued in the last three years, increased by 4.4% in 2012 when compared to the 2011 final enrollment data.
According to MFA's report, Medicare Supplement (also referred to as Medigap or Med Supp) plans earned $22.258 billion in premiums and incurred $17.405 billion in claims during 2012, increases of 3.9% and 1.6% over 2011, respectively. Between 2011 and 2012, enrollment in Medicare Supplement plans increased by close to 200,000 covered lives. Mark Farrah Associates observed significant shifting among plan types in 2012. Plan F, the most popular design that covers Medicare deductibles as well as coinsurance and copayment costs, increased by more than 400,000 enrollees between 2011 and 2012. Plan F was purchased by 50% of people with Medigap coverage in 2012, up from 47% in 2011. More than 358,000 people have selected Plan N options since they were introduced in June 2010. Plan M, also introduced in 2010, is the most unpopular option.
In the latest Healthcare Business Strategy report, Mark Farrah Associates discusses results for the Medigap market. Using MFA's Medicare Supplement Market Data from the Health Coverage Portal™ – that includes state-by-state membership, premiums, claims and loss ratios as reported by plans in NAIC annual financial statements – MFA will continue to track changes in this important product segment. To read the full report "Med Supp Enrollment Tops 10 Million", please visit the Analysis Briefs library on Mark Farrah Associates' website www.markfarrah.com.
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 Medicare Business Online™, Medicare Benefits Analyzer™ Health Coverage Portal™, County Health Coverage™, Health Insurer Insights™, and Health Plans USA™.
Mark Farrah Associates
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