Mark Farrah Associates (MFA) recently released their year-end 2023 health insurance segment enrollment update. The report compared membership numbers between the 4th quarter of 2023 and the 4th quarter of 2022 to provide insight into enrollment trends for various insurance segments.
According to the report, approximately 318 million people in the United States received medical coverage from health insurers as of December 31, 2023, which was a decrease of 2.1 million members from the previous year. However, there were growth trends in certain segments.
In the Individual market, there was an increase of around 3.5 million new members, showcasing strong growth in this segment. Additionally, Medicare Advantage experienced a substantial increase with 1.8 million new members representing a growth rate of 6.3% from the previous year. On the other hand, Employer-group risk market experienced a decline in membership while Employer-group ASO segment saw an increase of 1.6 million enrollees.
Mark Farrah Associates offers various products and tools for analyzing health insurance business, including Health Coverage Portal™, Medicare Business Online™, Medicare Benefits Analyzer™, County Health Coverage™, Health Plans USA™, and Employer Health Plus®. For more information about their full text “2023 Health Insurance Enrollment Trends; a Segment-by-Segment Comparison” visit their website and check out their Analysis Briefs library to stay updated on the latest insights about health plan enrollment trends and financial performance by reading their FREE MFA Briefs available on their website.[/
