<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=302779086974399&amp;ev=PageView&amp;noscript=1"> Medicare Blog | Medicare News | Medicare Information

Medicare Blog | Medicare News | Medicare Information

Medicare Supplement Market Projection

Posted by Lauren Hidalgo on Fri, Jun 21, 2013 @ 10:08 AM

Medicare Supplements The Medicare Supplement market continues to have long-term sustainability. By 2022, almost 68 million consumers are expected to be enrolled in Medicare. The recent growth in the Medicare Supplement market can be attributed to the number of Medicare enrollees growing by 11%, as well as a recent slowdown in the growth of Medicare Advantage enrollments. Additionally, employers have continued to remove Medicare-aged retirees from their employer health plans further supporting a growth in Medicare supplement sales. Medicare Supplement enrollments are projected to continue to grow over the next ten years, creating ample opportunities for insurance carriers, agents, and marketing organizations in the senior market.

Three factors contributing to Medicare Supplement’s growth:

  • Overall Medicare Growth: The ongoing growth in the Medicare market from Baby Boomers will increase the number of Medicare beneficiaries by 17 million over the next 11 years. The total number of Medicare beneficiaries in 2022 will be 34% higher than in 2012.

  • Medicare Advantage Funding Reductions: Over the past few years growth in Medicare Advantage enrollment has slowed. Predictions show that enrollment will plateau when additional bonus payments from the quality based demonstration programs end after 2014.

  • Decrease in Retiree Health Benefits: Companies and municipalities are eliminating or altering health care benefits for their retirees due to economic changes. Many are now offering those retirees a monthly stipend to purchase their own Medicare Supplement or Medicare Advantage coverage.

All these factors show a positive outlook for the Medicare Supplement market in the upcoming years. If you are considering getting into the senior market – now is the time! With 10,000 seniors becoming eligible every day the market is booming with no signs of slowing down.

To read the entire 2013 Medicare Supplement Market Projection by CSG Actuarial, please go here.


Please give us your feedback!
What do you think of CSG Actuarial's findings? Have you seen an increase in your Med Supp business as well?

 

Source: CSG Actuarial

Additional Updates:
  • Lower Rates with Higher Commissions in ID, MI, MO, NJ, NM, NV, PA, SD, WA - Learn More

Tags: Medicare Supplement, Medicare News, insurance news, industry news, Stonebridge Medicare Supplement, Medicare Solutions

    Join thousands of insurance agents who receive weekly news updates and original articles.

    Like Precision Senior Marketing on Facebook!





    Follow Precision Senior Marketing on Twitter!

    Most Popular Posts

    Posts by Topic

    Click for More