In 2023, both the Individual and Small Group segments of the comprehensive health insurance market were profitable for insurers, with underwriting gains returning to pre-pandemic levels. The analysis conducted by Mark Farrah Associates (MFA) revealed that the Individual segment experienced a significant enrollment growth of 28.7%, reaching 17.7 million members. Premiums PMPM increased by an average of 2%, with an average of $549 PMPM. The average medical claims PMPM also increased slightly to $482 in 2023.
On the other hand, the Small Group segment continued to experience a decline in membership, dropping by 7.4% to 8.5 million in 2023. Despite this, Small Group PMPM premiums have been increasing by an average of 7.7% annually since 2020.
To gain a deeper understanding of profitability in these two segments in 2023, readers can visit the MFA Briefs library on Mark Farrah Associates’ website for a full analysis of their performance and competitive shifts across all segments of the healthcare industry. MFA is a leading data aggregator and publisher that provides health plan market data and analysis tools for the healthcare industry, including Health Coverage Portal™, Medicare Business Online™, and County Health Coverage™ products designed to simplify health insurance business analysis.
Following MFA on LinkedIn will keep you updated on their latest insights and insights into how they are helping healthcare providers navigate complex regulations and make informed decisions about their business strategies.
As insurers continue to navigate these complex markets, it is crucial for them to stay up-to-date with industry trends and performance metrics like those analyzed by Mark Farrah Associates (MFA). By providing valuable insights into health plan performance and competitive shifts across all segments of the healthcare industry, MFA is empowering insurers to make informed decisions about their business strategies that drive profitability while maintaining high-quality care for their customers.
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