Los Angeles, CA, February 08, 2013 --(PR.com
)-- Sales of Medicare Supplement insurance, also commonly referred to as Medigap insurance, grew in 2012 according to industry experts.
"With 10,000 Americans turning 65 every day, one would expect sales to increase," declares Jesse Slome, executive director of the American Association for Medicare Supplement Insurance, a national trade group.
According to data compiled by CSG Actuarial, an Omaha-based firm that specializes in Medicare related insurance products, sales of Medicare Supplement insurance grew by nine percent in 2012. "Total annualized new premium for the industry was approximately $3.1 billion," states Doug Feekin, ASA, MAAA, principal and consulting actuary for the firm. "Total Medigap premium for the prior year was about $2.85 billion." The national expert believes sales and premium will continue to grow in 2013.
Medigap insurance refers to private supplement health insurance coverage sold to Medicare beneficiaries in the United States. The insurance provides coverage for medical expenses that are not or only partially covered by Medicare.
"Roughly 10 million Americans are covered by a Medigap policy," according to Slome. Plans are identified with letter acronyms with standardized Plan F the most popular. "Consumer have a wide array of options that make these plans attractive to those who desire greater flexibility in their choice of providers." According to experts, a number of new insurance companies have recently or are shortly planning to begin offering Medigap coverage.
The American Association for Medicare Supplement Insurance is a national organization focused on educating individuals. The organization produces a national conference focused on Medigap policies which will take place September 9-11, 2013 in Scottsdale, Arizona. For additional information, visit the organization's website or call (818) 597-3205.