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North America Medicare Supplement Insurance Market is Witnessing CAGR of 9.8% over the Forecast Period(2022 – 2030): A Report by Absolute Markets Insights

Published On 11 Aug 2022 03:37 PM


Medicare is a federal health-insurance programme for those aged 65 and up that covers the majority of their medical expenses. It covers the costs of health care for some disabled people under the age of 65. Supplemental insurance for Medicare (also known as Medigap insurance) bridges the gap between what Medicare pays and what must be payed out for deductibles, coinsurance, and copayments. Only services that Medicare deems medically necessary are covered by Medigap plans, and payments are usually based on the Medicare-approved fee. Some plans provide benefits not available through Medicare, like as emergency care in a foreign nation.

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Private insurance companies are registered and regulated by the South Carolina Department of Insurance to sell Medigap policies, but the benefits are established by the federal government and the plans are automatically renewed. Due to the rising number of geriatric population in North America, the demand for medicare supplement insurance has risen in the last few years. Moreover the government and healthcare organizations are encouraging the population for medicare supplement insurance for its various benefits. According to American Association for Medicare Supplement Insurance The number of Medicare Advantage (MA) plans available continues to grow.  Florida has the most available Medicare advantage plans (527), followed by California with 424, Texas with  289, New York with 276, Ohio with 202, Washington with 157, Georgia with 149 and Illinois with 147 in 2021. Thus, with the rising awareness about the advantages, the medicare supplement insurance market is expected to grow at a tremendous rate in the upcoming years.

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Key Findings of the Report:  

  • Based on the part of the medicare supplement insurance, the market is segmented into part A, part C, part D, part F, part G, part K, part N and others. Part A and B are the common insurance parts that the holders need to have. Part A is the hospital insurance which helps cover the inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care. On the other hand, part B covers the services from doctors, and other health care providers, outpatient care, durable medical equipment and preventive services. The majority of recipients elect to obtain their Part A and B benefits through Original Medicare, the federal government's original fee-for-service programme. Traditional Medicare is also known as Fee-for-Service (FFS) Medicare wherein the government pays directly for the health-care services you get under Original Medicare. In the year 2020, more than 80% of overall medicare supplement enrollment went to plans F, G, and N. In 2020, about 75% of medicare supplement plan providers offered Plan G policies, up from 70% in 2019 and 64 percent of plan carriers offered Plan N plans, up from 62 percent in 2019.On the other hand Plan N, a new plan with consistent cost-sharing rates, had a 0.2 percent rise in enrolment, or about 2,700 new members. Previously, participation in Plan N increased by 1% in 2019. Thus with these rise in the number of enrollments for various plans has led to the rapid growth of North America medicare supplement insurance market.
  • The plan cost of medicare supplement insurance is segmented into three ways community rated, issue age rated, attained age rated. Community-rated Medicare Supplement or Medigap insurance policies charge the same premium to all beneficiaries, regardless of their age or overall health. Community-rated plans (also known as No-Age-Rated pricing) are typically less expensive over time than Medigap plans with attained-age pricing, which increases the monthly plan cost as the insurer gets older. Furthermore, issue age rated is an age-appropriate pricing plan wherein the premium for a medigap coverage is determined by age when originally purchased the policy. The higher premium will be the older the users are, when patients purchase coverage. For instance a person who buys a policy at age 72 will pay a greater monthly premium than someone who buys the identical insurance at age 65 under this pricing model. Premiums for these policies rise at the state level, so if Cigna raises the Florida Medigap premiums for Plan N, it affects everyone in the state who has that policy. Insurance companies are forced to sell issue-age policies in several states. Attained age rate are highly preferred as regardless of how long the insurer has held  policy, the premium is always calculated based on your present age. Hence due to various benefits according to the pricing model is anticipated to be the factor supporting the growth of North America medicare supplement insurance market.
  • Medicare supplement insurance is being distributed by various channels such as online and offline. Various private insurance companies and insurance brokers are providing insurances through their online platforms as well as offline channels. As the plan availability differs by location, private insurance companies are focused on reaching a wide customer. Moreover the medicare supplement insurance private companies are providing the agents with maximum administrative support, such as marketing, technology infrastructure, compliance, and other services for agents. Thus, these factors are supporting the growth of medicare supplement insurance market in North America.
  • Some of the players operating in the North America medicare supplement insurance market are Aetna Inc, Anthem Insurance Companies, Inc., Cigna, Colonial Penn Life Insurance Company, eHealthInsurance Services Inc., Erie Indemnity Co, Mutual of Omaha, QualChoice, State Farm, United American Insurance Company, United HealthCare Services, Inc. amongst others.

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North America Medicare Supplement Insurance Market:

  • By Part
    • Part A
    • Part C
    • Part D
    • Part F
    • Part G
    • Part K
    • Part N
    • Others           
  • By Coverages
    • Medicare coinsurance
    • Deductibles
    • Co-payments
    • Others
  • By Premium Type
    • Annually
    • Quarterly        
    • Monthly
  • By Plan Cost
    • Community no-age-rated
    • Issue-age-rated
    • Attained-age-rated
  • By Distribution Channel
    • Online
    • Offline
      • Private insurance companies
      • Insurance brokers
  • By Country
    • U.S.
    • Canada
    • Mexico
    • Rest of North America

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Press Release Provided By: Absolute Markets Insights