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August 09, 2018 at 01:52 PM
Medicare supplement (Medigap) insurance is one of the products insurers still actually want to sell, and the Medigap market continued to look strong in 2017.
Analysts at Gen Re, a reinsurer, has given a snapshot of the Medigap market in a new report based on a survey of 52 companies active in the market. Gen Re did not estimate participants’ share of the total market, but the participant list includes players such as UnitedHealth Group Inc., Humana Inc., Aetna Inc., Cigna Corp. and Health Care Service Corp.
(Related: Gen Re: New Medigap Enrollment Rises 23%)
For all participants, the number of covered lives increased 4.8%, and in-force premium revenue increased 4.8%.
A copy of a report summary is available here.
Active Issuers
Some companies have pulled back from the Medigap market and are simply managing closed blocks of business. At those companies, the number of covered lives and the in-force premium total fell.
At the active issuers, the number of covered lives increased 14%, and premium increased 15%.
For the active issuers, the numbers are much better than they were in 2016.
In 2016, Gen Re survey participants that were active in the Medigap market reported an increase of 8.3% in covered lives and an increase of 8.2% in in-force premium revenue.
Purchase Timing
The Gen Re survey participants reported an increase in the percentage of consumers who bought coverage during the open enrollment period.
