Members Health Insurance

What Members Health Insurance does

Members Health Insurance Company (MHI) is a privately held Tennessee-domiciled insurance carrier and wholly-owned subsidiary of Farm Bureau Health Plans, an organization that has offered Medicare-related coverage continuously since 1966. The company sells federally standardized Medicare Supplement (Medigap) plans — eight plan types (A, B, C, D, F, G, M, N) that fill deductibles, copayments, and coinsurance gaps in Original Medicare — and two Medicare Part D prescription drug plans: Farm Bureau Select Rx ($76.70/month, no deductible, preferred pharmacy pricing at Kroger and Walmart) and Farm Bureau Essential Rx ($37.10/month, $545 deductible). It serves individual Medicare-eligible consumers (primarily age 65+) with no provider network restrictions on Medigap coverage and member self-service delivered through the OptumRx portal for Part D.

The business runs on a recurring subscription premium model, reaching customers through direct phone and mail enrollment (844-368-8739 / Member Services 855-540-4744) and through the affiliated state Farm Bureau organizations that serve as channel partners in Indiana, Kansas, South Dakota, Texas, Oklahoma, South Carolina, and Alabama, alongside the parent's 200+ Tennessee offices. Technology is not proprietary in the AI sense: MHI integrates InvoiceCloud for online premium payments, DestinationRx for drug cost and pharmacy network search, and outsources all Part D pharmacy benefit management — claims, mail order, prior authorization, coverage determinations — to OptumRx. Headquartered at 147 Bear Creek Pike, Columbia, TN, the company is privately held with no disclosed revenue, funding, or headcount.

Operationally, MHI is in a stable mature phase with selective retrenchment: it announced an exit from new Medicare Supplement applications in South Carolina effective February 19, 2026, while continuing to serve existing policyholders there. Geographic footprint is concentrated in the U.S. Southeast and Midwest, with Tennessee as the deepest market. No AI, machine learning, or proprietary data-asset capabilities are evident in the public material; competitive differentiation rests on brand longevity, the Farm Bureau distribution network, and disciplined administrative cost management.

Name

Members Health Insurance

Legal name

Members Health Insurance Company

Website

https://mhinsurance.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

11–50 employees

Short description

Members Health Insurance Company is a private Tennessee-based subsidiary of Farm Bureau Health Plans that sells federally standardized Medicare Supplement plans and two Medicare Part D prescription drug plans to individual Medicare-eligible consumers across roughly seven U.S. states, distributed through affiliated state Farm Bureau organizations and direct phone/mail enrollment.

Ownership category

akta.pro rank

Product category

Medicare Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Hospital & Medical Service Plans (6324), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Medigap Carriers (Underwriters) (HLAEADAA)

akta.pro secondary industries

Medigap Plan Administration (Enrollment, Billing & Member Services) (HLAEADAC), Medicare Part D Prescription Drug Plans (PDP) (FSAIAGAC), Medigap Marketing, Lead Gen & Compliance (CMS/Do-Not-Call/TPMO) (HLAEADAE)

Keywords

• Medicare supplement insurance
• Medicare Part D plans
• Medigap coverage
• Prescription drug coverage
• Senior health insurance

Headquarters

HQ city

Columbia

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Medicare Supplement Insurance Premiums: Recurring premium payments from policyholders for Medicare Supplement (Medigap) coverage that fills gaps in Original Medicare coverage including deductibles, copayments, and coinsurance.
2. Medicare Part D Prescription Drug Plan Premiums: Monthly premium payments for prescription drug coverage under Medicare Part D plans (Farm Bureau Select Rx and Farm Bureau Essential Rx), with additional revenue from pharmacy network negotiations and formulary management.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Members Health Insurance Company sells federally standardized Medicare Supplement (Medigap) plans A, B, C, D, F, G, M and N to pay Original Medicare deductibles, copayments and coinsurance, and two Medicare Part D prescription drug plans branded Farm Bureau Select Rx and Farm Bureau Essential Rx. Coverage is delivered to Medicare-eligible individuals in states including Indiana, Kansas, South Dakota, Texas, Oklahoma, South Carolina and Alabama, with pharmacy benefits administered through OptumRx.

Product overview

Members Health Insurance Company offers a portfolio of Medicare-related insurance products. The primary offerings include Medicare Supplement (Medigap) plans (A, B, C, D, F, G, M, N) that pay gaps in Original Medicare coverage, and Medicare Part D prescription drug plans (Farm Bureau Select Rx and Farm Bureau Essential Rx) that provide prescription drug coverage. The company emphasizes simplicity, affordability, and no provider network restrictions. Member services are delivered through the OptumRx portal for prescription management and an Education & Resource Center for Medicare education.

Differentiator

Problem solved

Functional benefit

Brands

• Farm Bureau Select Rx: Medicare Part D prescription drug plan offering coverage with no deductible and preferred cost-sharing pharmacies including Kroger and Walmart.
• Farm Bureau Essential Rx

Products and services

• Medicare Supplement Plans (Plans A, B, C, D, F, G, M, N) Federally standardized Medicare Supplement (Medigap) insurance plans that fill gaps in Original Medicare coverage by paying coinsurance, copayments and deductibles. Includes Plans A, B, C, D, F, G, M and N, available to Medicare-eligible individuals in Indiana, Kansas, South Dakota, Texas, Oklahoma and South Carolina, with no provider network restrictions.
• Farm Bureau Select Rx Medicare Part D prescription drug plan with a $0 deductible, $76.70 monthly premium, and preferred cost-sharing pharmacies at Kroger and Walmart. Provides tiered copays across five drug tiers from Preferred Generic through Specialty, mail-order pharmacy access, and a $35 monthly insulin cap.
• Farm Bureau Essential Rx Medicare Part D prescription drug plan with a $545 annual deductible and $37.10 monthly premium, offering coverage across five drug tiers from Preferred Generic ($5/30-day) to Specialty (25% coinsurance) through a large network of contracted pharmacies.

Quantifiable outcome

• No provider network restrictions - members can use any Medicare-approved provider

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• OptumRxcoreTechnology or IntegrationOptumRx serves as the pharmacy benefit manager (PBM) for MHI's Medicare Part D plans, providing pharmacy network management, mail-order pharmacy services, claims processing, utilization management, and member portal services. All Part D drug coverage determinations, grievances, and appeals are processed through OptumRx.
• KrogercoreTechnology or IntegrationKroger pharmacy is one of two preferred cost-sharing pharmacies for the Farm Bureau Select Rx Part D plan, offering lower copayments and coinsurance to members who use Kroger locations for their prescriptions.
• WalmartcoreTechnology or IntegrationWalmart pharmacy is one of two preferred cost-sharing pharmacies for the Farm Bureau Select Rx Part D plan, offering lower copayments and coinsurance to members who use Walmart locations for their prescriptions.
• Farm Bureau Health PlansflagshipStrategic or Co-development PartnerMHI is a subsidiary of Farm Bureau Health Plans, which has been providing Medicare-related coverage since 1966. Farm Bureau Health Plans provides administrative infrastructure, brand recognition, and network of 200+ Farm Bureau offices for distribution of MHI products.
• State Farm Bureau OrganizationscoreChannel Partner/ Reseller/ DistributorAffiliated state Farm Bureau organizations (Indiana, Kansas, South Dakota, Texas, Oklahoma, South Carolina, Alabama) serve as distribution channels for MHI Medicare products, leveraging existing Farm Bureau member relationships and local office networks.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Humana: Humana is a top-tier Medicare-focused carrier offering Medigap, MA, and Part D plans nationally. Strong direct competitor on Medigap and Part D with far greater scale and brand recognition.
• UnitedHealthcare (AARP): UnitedHealthcare is the largest Medicare insurer in the US, offering AARP-branded Medigap plans alongside Medicare Advantage and Part D. Comparable product overlap but vastly larger scale and broader geographic reach than MHI.
• Aetna (CVS Health): Aetna offers Medicare Supplement plans and Part D plans, leveraging CVS Health's pharmacy network for Part D economics. Comparable product set to MHI with significant scale and retail pharmacy integration advantages.
• Elevance Health (Anthem/BCBS): Blue Cross Blue Shield-affiliated Medigap plans offered through state Blue plans compete directly with MHI in overlapping states (IN, KS, TX). Comparable product set with significantly larger membership and provider-contract leverage.
• State Farm: State Farm offers Medicare Supplement plans alongside its broader P&C and life insurance business. Comparable Medigap product overlap with MHI but as part of a much larger diversified insurance portfolio.
• Cigna: Cigna offers Medigap and Medicare Part D plans through a broad portfolio spanning health, dental, and supplemental insurance. Comparable Medigap and Part D product overlap with MHI but operates at national scale.

Direct peers

• ManhattanLife: ManhattanLife is a smaller Medigap-focused carrier with comparable product positioning (standardized plans, direct-to-consumer distribution). Closely comparable niche-scale peer in the Medigap space.
• Mutual of Omaha: Mutual of Omaha is a long-standing Medigap specialist with a similar multi-decade heritage and direct-to-consumer distribution approach. Closely comparable in product mix (Medigap-focused) and target customer (65+ Medicare beneficiaries).
• Bankers Life (CNOVA): Bankers Life is a Medigap-focused carrier with an agent-led distribution model targeting the 65+ demographic. Comparable Medigap-only product focus and reliance on captive/sales-led distribution.

Regional players

• BlueCross BlueShield of Tennessee: Headquartered in Tennessee like MHI, BCBS of Tennessee offers Medicare Supplement and Part D plans to the same regional customer base. Direct competitor in MHI's home state with strong incumbent relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/membershealthinsurance
• LinkedInlinkedin.com/company/members-health-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Members Health Insurance