Medicare Advantage yielded strongest margins for insurers, study finds
Health insurers' margins in Medicare Advantage were more than double those seen in other markets in 2021, reinforcing the way the program can produce strong financial returns for plans, a new Kaiser Family FoundationPrivate Medicare plans are expected to draw more than half of eligible beneficiaries this year.
That was substantially higher than margins seen in the individual , fully insured group and Medicaid managed care markets.Gross margins are a common way to assess insurer profitability and reflect the amount total premium income exceeds total claims costs per enrollee.Medicare Advantage is a lucrative and fast-growing business for insurers. UnitedHealth Group posted profits of $14.4 billion, up 20% over the prior year, buoyed in large part by increases in enrollment in MA plans.
UnitedHealth had more than 7.1 million Medicare Advantage members in 2022, up about 9% from members 6.5 million the year prior. It’s projected to add 900,000 more members in 2023.to focus, in part, on its MA plans. It’s expecting at least 625,000 signups in 2023, a 14% year-over-year increase.
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