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.