Medicare Supplement Market Poised for Significant Growth
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 12th Annual Market Projection that the number of Medicare beneficiaries is expected to grow by more than 13 million lives over the next ten years.
Source Data: Telos Actuarial’s “The Future of Medicare Supplement, 12th Annual Market Projection, 2022”
As shown in the following graphs, this influx of new Medicare beneficiaries is anticipated to result in the growth of individuals with Medicare supplement insurance. Using values in line with historical market penetration rates, it is projected that the Medicare supplement market will add nearly 4 million lives and over $18.3 billion of earned premium within the next 10 years.
Source Data: Telos Actuarial’s “The Future of Medicare Supplement, 12th Annual Market Projection, 2022”
Source Data: Telos Actuarial’s “The Future of Medicare Supplement, 12th Annual Market Projection, 2022”
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, and more.
The report is designed to quickly give you an understanding of the product, the market, and the projected opportunity.
Send us a note at info@telosactuarial.com to find out more!
