CSG Actuarial has compiled information from the NAIC* and other sources and is reporting that total earned premiums in the Medicare Supplement market in 2024 totaled $39.1 billion, a 6.4% increase over 2023.
A few other notes of interest: The total Medicare Supplement lives covered in 2024 increased 1.0% to 14.3 million. CSG Actuarial believes this increase was due to softening competitive pressures from Medicare Advantage plans.
The top 10 carriers in terms of 2024 Medicare Supplement premiums were:
| 1 | United Healthcare |
|---|---|
| 2 | HCSC Group (including Cigna acquisition) |
| 3 | Mutual of Omaha |
| 4 | CVS Health |
| 5 | Elevance |
| 6 | Humana |
| 7 | BS of California |
| 8 | BCBS of Massachusetts |
| 9 | CNO Financial |
| 10 | Wellmark |
The 2024 Medicare Supplement overall market loss ratio increased slightly to 84.3%, as carriers continued to attempt to catch premium rate levels up to the post-Covid claim utilization rates.
Six of the top 10 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2024, 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.