Medigap Insurance Market Projected to Grow to 17 Million in Coming Years

Los Angeles, CA, March 17, 2024 --(PR.com)-- The number of individuals with Medigap insurance policies is projected to grow to over 17 million by 2032 according to data shared by the American Association for Medicare Supplement Insurance.

“Medigap or Medicare Supplement insurance remains highly attractive to millions of Medicare-eligible seniors,” reports Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI). The organization worked with Telos Actuarial in projecting future market growth for Medigap.

The report indicates growth from the 14.5 million Medigap enrollees in 2024 to nearly 17.4 million in 2032. The Medigap Market Data (2024-2032) can be accessed at https://medicaresupp.org/medigap-policyholders-forecast/.

“With all the focus on Medicare Advantage (MA) market growth and the various MA controversies, Medigap is often overlooked,” Slome admits. “Medigap continues to provide significant value to seniors as well as potential profitability for insurers. The expectation of future growth should be welcome news for agents, distributors and insurers alike.”

“The projection for growth is partly due to the increasing number of Medicare-eligible individuals which should reach nearly 79 million by 2032,” states Andrew Ryba, Principal and Consulting Actuary, Telos Actuarial. “Medicare Supplement plans offer consistent benefits that many seniors seek.”

The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions.

Telos Actuarial (https://www.telosactuarial.com) is an actuarial consulting firm that helps insurance companies develop and manage life and health insurance products focused on the growing senior market.