Individual Health Insurance Market Reaches New Heights according to Mark Farrah Associates

MCMURRAY, Pa.--(BUSINESS WIRE)--In its latest Business Strategy brief, Mark Farrah Associates (MFA) assessed short-and long-term individual health insurance enrollment trends. According to financial statements filed by insurers, and with estimates by MFA, enrollment in individual medical plans, both on and off the exchange, totaled approximately 24.3 million as of March 31, 2024, the highest it has ever been. This is an increase of 4.9 million members, or 25%, from 1Q23.

“U.S. Individual Health Insurance Market Moves to New Heights”

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The individual segment has been profitable, overall, for health plans since 2017. However, since 2021, premium growth has, once again, been outpaced by medical expense growth, leading to increasing medical loss ratios (MLRs) and carriers exiting the individual marketplace or altering their service areas to continue to offer coverage at an affordable price. Traditional MLRs for 1Q24 averaged 78.8%, down from 79.3%, in first quarter of 2023, at premiums per member per month (PMPM) of $542, up 2.7%, and claims PMPM of $427, up 1.9%.

To read the full text of "U.S. Individual Health Insurance Market Moves to New Heights” visit the MFA Briefs library on Mark Farrah Associates' website. Mark Farrah Associates (MFA) will continue to monitor the changes as they develop and, with MFA’s Health Coverage Portal subscription, so can you!

About Mark Farrah Associates (MFA)

MFA is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Committed to simplifying analysis of health insurance business, 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!