America's Benefit Specialist June 2023
insurance segments. As of December 31, 2022, approximately 318 million people received medical coverage from U.S. health insurers. This number is up from 309.2 million, or approximately 8.4 million additional members, from a year ago. Between 4Q21 and 4Q22, member ship for the individual market gained approximately 1 million more members, year-over-year. In addition, the Medicare Advantage and Medicaid markets expe rienced membership increases of 2.0% and 6.4%, respectively. The employer-group risk and employ er-group ASO (administrative services only for self-funded plans) segments provide the largest sources of coverage in the industry, however, while Em ployer-group ASO saw a significant 2.4 million increase of enrollees, the Em ployer-group risk market experienced year-over-year membership declines. To read the full text of “Notable Enrollment Increases for Year-End 2022 Health Insurance Business,” visit mark farrah.com. EMPLOYER SHIFTS TO SELF INSURED HEALTH PLANS DRIVE STOP-LOSS SEGMENT GROWTH The stop-loss insurance market expand ed to $26 billion in 2021 in line with a growth trend driven by an employer shift to self-funded health plans that has accelerated since the passage of the Affordable Care Act, according to a new AM Best market segment report. The Best’s Market Segment Report, “More Self-Insured Plans Drive Stop Loss Segment Growth,” states that self-funded insurance has become a more attractive option for a grow ing number of employers looking to reduce costs and enhance flexibility. An average of approximately 60% of private-sector workers have been en rolled in self-insured plans over the last 10 years, and there has been a notable uptick for smaller and midsize employ ers with fewer than 1,000 employees. Stop-loss premiums grew by eight percent year over year in 2021, with the
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