MCMURRAY, Pa.–(BUSINESS WIRE)–Mark Farrah Associates (MFA), www.markfarrah.com, compared 2023 and 2022, per member per month (PMPM) health premiums and expenses for the Individual, Employer-Group, Medicare, and Medicaid segments. Financial insights were gleaned from aggregated statutory financial data from MFA’s Health Coverage Portal™.
- For 2023, the average medical expense ratio for the Individual segment was 85.3%, as compared to 86.5% the previous year.
- For the Employer-Group Risk segment, growth in premium was outpaced by the increase in medical expenses, moving the average medical expense ratio for this segment up to 87.2% for 2023, from 86.2% in 2022.
- For Medicare Advantage, growth in medical expenses, which was greater than the increase in premiums, pushed the average medical expense ratio for this segment up to 87.2% for 2023, from 86.1% in 2022.
- For Managed Medicaid, an increase in premiums did not offset the increase in medical expenses PMPM, pushing the medical expense ratio up to 87.9% in 2023.
Market analysts throughout the industry rely on enrollment data and segment performance metrics to gain better insights into health plan market share and competitive positioning. Mark Farrah Associates maintains financial data as well as enrollment and market share for the health insurance industry in its subscription-based Health Coverage Portal™. MFA will continue to monitor health plan performance and competitive shifts across all healthcare segments.
To read the full text of “2023 Health Insurance Segment Profitability,” visit the Analysis Briefs library on Mark Farrah Associates’ website.
About Mark Farrah Associates (MFA)
MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, our products include: Health Coverage Portal™, Medicare Business Online™, Medicare Benefits Analyzer™, County Health Coverage™, Health Plans USA™ and 5500 Employer Health Plus. Follow us on LinkedIn!
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Contacts
Mark Farrah Associates
Ann Marie Wolfe, amwolfe@markfarrah.com
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