Published: March 08, 2010
Mark Farrah Associates Takes Fresh Look at Medigap Market
KENNEBUNK, Maine - (BUSINESS WIRE) - As Medicare Supplement insurers are positioning to gain market share,
Mark Farrah Associates (MFA) is closely monitoring competitive shifts in
the senior market. New Plans M and N will be introduced on June 1, 2010
and these plans, with lower premiums, are expected to gain traction and
become popular choices among seniors. MFA recently released an analysis
brief about Medigap. Here are some interesting highlights from New
Medicare Opportunities with Medigap.
Medigap Market Position
The age 65+ senior segment with more than 45 million people is one of
the most coveted target markets in the healthcare industry today. Health
plans, ancillary benefit plans, providers and vendor stakeholders remain
intently focused on senior market business opportunities. Medigap plans
have held their own in recent years as they compete with a multitude of
Medicare Advantage plans. More than 9.6 million have Medicare Supplement
policies compared with 11.3 million covered by Medicare Advantage.
Traditional health plans and multiline carriers compete in the Medicare
Supplement space. Though UnitedHealth, with a longstanding AARP
contract, has dominated, there are hundreds of Medigap plans throughout
the United States. Five companies cover 52% of the market while the
remaining 48% is covered by all other carriers.
Tracking Medigap Business
Tracking short-term gains and losses within the Medigap market is
challenging because month-to-month enrollment reports are not readily
available. Early open enrollment results indicate Medicare Advantage
(MA) gains were much smaller this year than in previous years,
suggesting Medigap plans are making headway. Mark Farrah Associates will
be analyzing 2009-2010 data and new Medicare Supplement reports will be
available soon through the Health Coverage Portal TM.
For more information about MFA's Medicare Supplement market analysis,
call 207.985.8484. Visit www.markfarrah.com
to read the full text of this market brief.
About Mark Farrah Associates (MFA)
Mark Farrah Associates (MFA) is a leading data aggregator and publisher
providing health plan market data and analysis tools for the healthcare
industry. Our products include Medicare Business Online , Health
Coverage Portal , Health Insurer Insights , and Health Plans USA .
Healthcare
Business Strategy is a FREE monthly brief that presents analysis of
important issues and developments affecting healthcare business today.
Mark Farrah Associates
LuAnne Farrah, 207-985-8484
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