Mark Farrah Associates June 9, 2021
MCMURRAY, Pa.–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, covered 14 million seniors in 2020. MFA identified 188 distinct carriers that filed annual data with the NAIC as of December 31, 2020.
“Year-Over-Year Medicare Supplement Market Snapshot and Plan Performance Insights”
- Medicare Supplement plans collectively earned approximately $33.7 billion in premiums and paid out $24.4 billion in claims in 2020.
- The aggregate loss ratio (incurred claims as a percent of earned premiums) was 72.3%.
- MFA’s assessment of standardized plan type preferences for 2020 found Plan F, the most comprehensive design, enrolled over 6.2 million members. Enrollment gains were also significant in standardized...