According to the latest report released by Mark Farrah Associates (MFA), the health insurance segment enrollment in the United States saw a decrease of approximately 2.1 million members from December 31, 2022, to December 31, 2023. The report compared membership numbers between these two quarters to provide insight into enrollment trends for various insurance segments.
Despite the overall decline in membership, there were significant growths and declines in different segments. The Individual market gained around 3.5 million more members, showcasing its continued growth. Meanwhile, the Medicare Advantage market experienced a substantial increase of 1.8 million new members, representing a remarkable growth rate of 6.3% from the previous year.
On the other hand, the Employer-group risk market experienced a decline in membership, while the Employer-group ASO segment saw an increase of 1.6 million enrollees. This suggests that employers are shifting their focus towards cost-effective health plans and managed care options for their employees.
Mark Farrah Associates offers various products and tools for analyzing health insurance business, including the Health Coverage Portal™, Medicare Business Online™, Medicare Benefits Analyzer™, County Health Coverage™, Health Plans USA™, and 5500 Employer Health Plus. These tools provide insights into health plan enrollment trends and financial performance and can help businesses make informed decisions about their health plans and benefits packages.
To stay updated on the latest insights about health plan enrollment trends and financial performance, visit Mark Farrah Associates’ website and check out their Analysis Briefs library. The full text of “2023 Health Insurance Enrollment Trends; a Segment-by-Segment Comparison” is available there too.
Overall, this report provides valuable information for businesses looking to understand health plan enrollment trends and make informed decisions about their benefits packages and healthcare plans.