KENNEBUNK, Maine--(BUSINESS WIRE)--The latest Medicare Supplement membership figures show continued growth in the number of new policies being issued, according to a new Healthcare Business Strategy report released by Mark Farrah Associates (MFA). MFA found that the number of newer policies, those issued in the last three years, increased by 7.5% in 2011 when compared to the 2010 final enrollment data. Aggregated data from annual financial statements filed with the National Association of Insurance Commissioners (NAIC) revealed Medicare Supplement plans covered 9.9 million seniors as of December 31, 2011. Total membership increased 1.9% from 9.7 million in 2010.
“Growth in Newer Med Supp Policies Continues”
According to MFA’s report, Medicare Supplement plans, also known as Medigap plans, earned $21.359 billion in premiums and incurred $17.082 billion in claims during 2011, increases of 4.1% and 5.4% over 2010, respectively. Between the years 2010 and 2011, carriers collectively reported a total of 188,452 more covered lives in Medicare Supplement plans. Plan F, the most popular design that covers Medicare deductibles as well as coinsurance and copayment costs, was purchased by 47% of people with Medigap coverage in 2011. More than 265,000 people have selected Plan N options since they were introduced in June 2010.
In the latest Healthcare Business Strategy report “Growth in Newer Med Supp Policies Continues,” Mark Farrah Associates discusses results for the Medigap market. Using MFA’s Medicare Supplement Market Data from the Health Coverage PortalTM -- 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 text of “Growth in Newer Med Supp Policies Continues,” visit the Healthcare Business Strategy library on Mark Farrah Associates’ website www.markfarrah.com.
Mark Farrah Associates 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 PortalTM, Health Insurer InsightsTM, Medicare Business OnlineTM, Medicare Benefits AnalyzerTM, Health Plans USATM and the new County Health CoverageTM.
Mark Farrah Associates
Debra Donahue, 207-985-8484