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:

1United Healthcare
2Mutual of Omaha
3Anthem
4CVS Group
5HCSC Group
6Cigna
7Humana
8CNO Financial
9BS of California
10BCBS of Massachusetts
11Wellmark
12BCBS 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.

Medicare Loss Ratio

14 of the top 20 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2021, as shown below.

Medicare Lives

*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.