About Medicare Supplement Insurance
Medicare supplement insurance is also called Medigap, helps to fill the gap in original Medicare which covers various services but not all. In other words, it helps to pay for the costs that would normally be paid out of own pocket. But the costs and benefits will depend on Medicare Supplement plan selected. This insurance helps to pay the remaining healthcare costs such as Co-payments, Coinsurance, and Deductibles. However, the Medicare supplement insurance does not cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medicare Supplement Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mutual of Omaha (United States), Humana (United States), AARP (United States), Aetna (United States), Cigna (United States), eHealth Insurance (United States) and American Enterprise Mutual Holding Company (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Erie Indemnity Company (United States), State Farm (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Medicare Supplement Insurance market by and Region.
On the basis of geography, the market of Medicare Supplement Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Coverages, the sub-segment i.e. Medicare coinsurance will boost the Medicare Supplement Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Premium type, the sub-segment i.e. Annual will boost the Medicare Supplement Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Plan type, the sub-segment i.e. Community no-age-rated will boost the Medicare Supplement Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution channel, the sub-segment i.e. Online will boost the Medicare Supplement Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of Technology in Insurance Processing
Market Growth Drivers:
High Healthcare Costs are Fuelling the Market Growth and Benefits of Medigap Insurance
Challenges:
Lack of Awareness About the Medigap Insurance
Restraints:
High Costs Associated with the Insurance Premiums
Opportunities:
Growing Sales Channel for Insurance and Increasing Promotional Activities
Market Leaders and their expansionary development strategies
In January 2024, HCSC has signed a definitive agreement with The Cigna Group to acquire its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D and CareAllies businesses. The acquisition will benefit HCSC’s current and future members by enhancing the company’s capabilities and reach, particularly in the growing Medicare segment.
In January 2024, Biden-Harris Administration announced new actions to promote competition in health care, including increasing transparency in the Medicare Advantage (MA) insurance market and strengthening MA programmatic data.
Key Target Audience
Medigap insurance provider, Insurance brokers, Government associations, Research organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.