Individual Health Insurance Market Reaches New Heights according to Mark Farrah Associates
2024年7月30日 - 4:34AM
ビジネスワイヤ(英語)
In its latest Business Strategy brief, Mark Farrah Associates
(MFA) assessed short-and long-term individual health insurance
enrollment trends. According to financial statements filed by
insurers, and with estimates by MFA, enrollment in individual
medical plans, both on and off the exchange, totaled approximately
24.3 million as of March 31, 2024, the highest it has ever been.
This is an increase of 4.9 million members, or 25%, from 1Q23.
The individual segment has been profitable, overall, for health
plans since 2017. However, since 2021, premium growth has, once
again, been outpaced by medical expense growth, leading to
increasing medical loss ratios (MLRs) and carriers exiting the
individual marketplace or altering their service areas to continue
to offer coverage at an affordable price. Traditional MLRs for 1Q24
averaged 78.8%, down from 79.3%, in first quarter of 2023, at
premiums per member per month (PMPM) of $542, up 2.7%, and claims
PMPM of $427, up 1.9%.
To read the full text of "U.S. Individual Health Insurance
Market Moves to New Heights” visit the MFA Briefs library on
Mark Farrah Associates' website. Mark Farrah Associates (MFA) will
continue to monitor the changes as they develop and, with MFA’s
Health Coverage Portal subscription, so can you!
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: Health Coverage Portal™, Medicare Business
Online™, Medicare Benefits Analyzer™, County Health Coverage™,
Health Plans USA™ and 5500 Employer Health Plus. Follow us on
LinkedIn!
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version on businesswire.com: https://www.businesswire.com/news/home/20240729883282/en/
Mark Farrah Associates Ann Marie Wolfe,
amwolfe@markfarrah.com