Medicare Supplement Broker Sales Mix – 2023 Q4 Review
One of the most important leading indicators that Medicare Supplement carriers need to be tracking is their mix of business. It is a great predictor of the overall health of your block of business and can provide insight into where the future loss ratios will land.
We now have 2023 sales results for several Medicare Supplement carriers and have put together the following summary that shows how their experience compares to prior years. Note that we are looking at the issued policies by the year when their coverage begins, and a large number of policies that were issued in late 2023 have an effective date in 2024. The 2024 results will change as the year progresses and more new business is issued.
1. Mix of Business by Plan
Plan G continues to be the most popular plan with over 60% of issued policies in each of last five years
Plan F had been the second most popular plan, but Plan N has closed the gap and may surpass it in 2024
2. Mix of Business by Issue Age
Issued policy counts trend downward as issue age increases
Age 65 is still the most common Issue Age for new Medicare Supplement policies
Issued policy counts drop significantly for ages 80+
3. Mix of Business by Plan and UW Type
Underwritten Plan G policies account for more than 50% of the issued business
Open Enrollment Plan G policies were the second most common but were overtaken by Underwritten Plan N business in the 2024 effective date cohort
We’ll provide another mix of business update when results are available through Q1. In the meantime feel free to check out our other free resources in the Telos store!
For more information contact us at: info@telosactuarial.com
