Los Angeles, CA, February 14, 2024 — The top-10 Medicare Supplement insurance companies comprise two-thirds of the market in terms of policyholders according to data released today by the American Association for Medicare Supplement Insurance (AAMSI).
United Health Group remains the largest dominant Medicare Supplement insurance company in terms of policyholders according to the data. Mutual of Omaha continues to maintain its rank as the number-two player.
“The top-10 Medicare Supplement (Medigap) insurers have just over 9 million policyholders,” explains Jesse Slome, director of AAMSI, an advocacy organization. “United Health Group and Mutual of Omaha account for 41.5 percent of all U.S. Medigap policyholders and remain the two top insurance companies offering Medigap coverage.”
The study by AAMSI and KLC Actuarial looked at individual and group policyholders for calendar year 2022.
The five leading Medicap insurers for the year included United Health Group, Mutual of Omaha Group, CVS Group (Aetna), Health Care Service Corporation (health plans in Illinois, Montana, New Mexico, Oklahoma and Texas) and Cigna Health Group.
“Medigap remains a viable yet challenging business for both large and small insurers,” notes Ken Clark, president of Chicago-based KLC Actuarial. “While the industry continues to consolidate, size is no guarantee of profitability. Medigap insurers need to find a balance of viable yet strategically competitive rates.”
“Medigap remains a highly popular form of coverage among seniors,” Slome notes. “While Medicare Advantage has seen faster growth in terms of covered individuals over the past years, millions of seniors continue to find Medigap the preferable option for a variety of reasons.”