Mark Farrah Associates (MFA) has released its latest Health Insurance Enrollment Trends report for 2023. The report compares membership numbers between the 4th quarter of 2023 and the 4th quarter of 2022 to provide insight into enrollment trends for various insurance segments. As of December 31, 2023, approximately 318 million people in the United States received medical coverage from health insurers, which was a decrease of around 7 million members from the previous year.
During the period between the 4th quarter of 2022 and the 4th quarter of 2023, there were significant changes in membership numbers across different insurance segments. The Individual market saw growth with an addition of around 15 million new members, while Medicare Advantage experienced a substantial increase with over 7 million new members representing an impressive growth rate of more than 8%. On the other hand, both Employer-group risk and Employer-group ASO markets experienced a decline in membership numbers.
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. Their website provides access to Analysis Briefs that offer insights into health plan enrollment trends and financial performance. By reading their FREE MFA Briefs available on their website, you can stay updated on the latest insights about health plan enrollment trends and financial performance.
Overall, this report highlights important information about enrollment trends in different insurance segments during the past year. It shows that despite overall decline in total enrollment numbers across all segments, individual market experienced growth while Medicare Advantage also showed impressive growth rate. Additionally it emphasizes on how Mark Farrah Associates offers valuable tools for analyzing health insurance business and staying updated on latest industry trends and insights.
