2021 Medicare Supplement Market Premium Grows 1.7% to $35.6 Billion

by Carrie Haubensak | May 13, 2022 

CSG Actuarial has compiled information from the NAIC* and other sources and is reporting that total earned premiums in the Medicare Supplement market in 2021 totaled $35.6 billion, a 1.7% increase over 2020.

A few other notes of interest: The total Medicare Supplement lives covered in 2021 decreased slightly to 14.45 million.  CSG Actuarial believes this decrease was due to increased competitive pressures from Medicare Advantage plans and a decrease in the overall Medicare growth rate due to Covid deaths in 2020 and 2021.

The top 12 carriers in terms of 2021 Medicare Supplement premiums were:

1	United Healthcare
2	Mutual of Omaha
3	Anthem
4	CVS Group
5	HCSC Group
6	Cigna
7	Humana
8	CNO Financial
9	BS of California
10	BCBS of Massachusetts
11	Wellmark
12	BCBS of Minnesota

The 2021 overall Medicare Supplement market loss ratio of 77.4% was higher than the 2020 loss ratio due to a rebound in utilization of non-Covid medical care.

14 of the top 20 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2021, as shown below.

*Data Source: National Association of Insurance Commissioners, by permission. The NAIC does not endorse any analysis or conclusions based upon the use of its data.

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