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MCMURRAY, Pa .– (BUSINESS WIRE) – Mark Farrah Associates (MFA), www.markfarrah.com, released an analytical brief providing an overview of the mid-year profitability of the commercial and government branches of insurance sickness. MFA compared second quarter year-over-year profitability for the Individual, Employer-Group, Medicare and Medicaid Managed segments. Financial information was gleaned from 2Q20 and 2Q21 aggregated statutory financial data of the National Association of Insurance Commissioners (NAIC) in the MFA Health Coverage Portal ™.
In 2Q21, the average medical expense ratio for the Personal segment was 81.3%, compared to 73.6% the previous year.
Growth in medical expenses pushed the average medical expense ratio for the Employer-Group segment to 84.2% in 2Q21 against 77.6% in 2Q20.
For Medicare Advantage, premium growth was offset by rising medical costs, pushing the medical expense ratio up to 86.3% from 79.3% in 2Q20.
The decline in premiums coupled with the increase in PMPM medical expenses pushed the medical expense ratio to 86.9% against 85.7% in 2Q20 for the Medicaid managed segment.
Industry-wide market analysts rely on enrollment data and segment performance metrics to better understand health plans market share and competitive positioning. Mark Farrah Associates manages financial data, enrollment and market share for the health insurance industry in its subscription-based Health Coverage Portal ™. MFA will continue to monitor the performance of healthcare plans and competitive changes in all segments of healthcare.
To read the full text of “Profitability of the health insurance segment at mid-year 2021“Visit the Analysis Briefs library on the Mark Farrah Associates website.
About Mark Farrah Associates (MFA)
MFA is a leading data aggregator and publisher providing healthcare plan market data and analysis tools for the healthcare industry. Committed to simplifying the analysis of health insurance activities, our products include: Health Coverage Portal ™, Medicare Business Online ™, Medicare Benefits Analyzer ™, County Health Coverage ™, Health Plans USA ™ and 5500 Employer Health Plus. Follow us on LinkedIn!
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See the source version on businesswire.com: https://www.businesswire.com/news/home/20211005005945/en/
Mark Farrah Partners
Ann Marie Wolfe, [email protected]
Source: Mark Farrah Associates