Medicare Supplement Market Swells to Over $37 Billion

The Medicare supplement market demonstrated strong growth in both premium and lives in 2024.  While the loss ratio increased, it was at a much smaller level than in recent years.  This information is based on the experience reported within the Medicare Supplement Insurance Exhibit (MSIEE) that carriers submit within their Annual Statement to the NAIC. 

The following table shows the total market results for the past three years:

The 6.4% growth in premium realized in 2024 represents the highest growth in the last 10 years since the 8.2% in 2017.

The 1% increase in Medicare supplement lives ends the decreasing trend realized the past 2 years.

The total market loss ratio increased by 0.6%.  When excluding 2020, which was heavily impacted by the COVID-19 pandemic, this represented the lowest increase since 2017, when it decreased by 0.1%.

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