The number of newer Medicare Supplement policies, those issued in the last three years, increased by 5.9% in 2010 when compared to the 2009 base, according to data from Mark Farrah Associates.
Growth was mostly fueled by two factors:
- Termination of private fee-for-service Medicare Advantage plans in many areas
- Introduction of new modernized plans, including Plans M and N
In a recent post we covered 8 reasons we’re optimistic about the Medicare Supplement market over the next 10 years. Those were two of them.
Medicare Supplement by the numbers:
- 9.4 million seniors covered as of December 31, 2010
- Plan F accounted for 44% of new policies purchased in 2010
- Plan N accounted for 147,912 members since it was introduced in June 2010 (2% of all beneficiaries)
- The top three carries, UnitedHealthcare, Mutual of Omaha and Wellpoint, combined for almost 50% of the market share.
- Carriers writing new business dropped from 177 to 114 in 2010
- Only 265 Plan M policies written
Click here to learn more about what Senior Market Sales has to offer agents in the Medicare Supplement market.