Med Supp Market Offers Strong Growth Opportunities
Medicare supplement insurance continues to be a popular product choice for individuals that want additional financial protection from the copayments, coinsurance, and deductibles that are present within original Medicare. With the Medicare eligible population experiencing significant growth year-over-year, the demand for Medicare supplement insurance will remain high.
Telos Actuarial reported in its 13th Annual Market Projection that the number of Medicare beneficiaries is expected to grow by nearly 14 million lives over the next ten years, equating to an annualized growth rate of 1.9%.
Source Data: Telos Actuarial’s “The Future of Medicare Supplement, 13th Annual Market Projection, 2023”
As shown in the following graphs, this influx of new beneficiaries is anticipated to result in the growth of individuals who elect to pair their Original Medicare coverage with a Medicare supplement policy. Using values in line with historical market penetration rates, it is projected that the Medicare supplement market will add over 3 million lives and over $16.3 billion of earned premium within the next 10 years. These anticipated annualized growth rates exceed those projected within the total Medicare beneficiaries.
Source Data: Telos Actuarial’s “The Future of Medicare Supplement, 13th Annual Market Projection, 2023”
Source Data: Telos Actuarial’s “The Future of Medicare Supplement, 13th Annual Market Projection, 2023”
With this level of projected growth, the Medicare supplement market will continue to offer robust opportunities for carriers, reinsurers, distributors, and third-party administrators.
Whether you are considering entering the Medicare supplement market for the first time or have been in it for decades, our Medicare Supplement Market Opportunity Report has something for everyone. It provides a big picture view of the market showing main competitors, key states, regulatory information, andmore. The report is designed to quickly give you an understanding of the product, the market, and the projected opportunity. Order from the Telos Actuarial Store directly or contact us to find out more!