United States Health and Medical Insurance Market 2021-2026: More than 68% of Coverage Provided by Private Insurance Programs – ResearchAndMarkets.com
The "United States Health and Medical Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The US healthcare insurance market is the largest in the world, without adhering to WHO's Universal Health Coverage.
Although 8% of the US population does not have a health insurance,
According to cdc.gov -
According to the NAIC (
The leading 25 insurers in
Drivers: Key Highlights
- Increase in the total health expenditure, which includes both public and private spending on the programs that promote health and prevent disease, with the utilization of medical, paramedical, and nursing knowledge and technology
- Growth in the overall employment increases the demand for health insurance through both individual and employer-sponsored health coverage
Restraints: Key Highlights
- Government regulations and related policy orders effecting a lot of unprecedented changes in the way healthcare coverage is being offered to the American citizens.
- The expensive healthcare insurance and an even expensive treatment did not see any improvement even after repeated state intervention due to the highly privatized sector.
Key Market Trends
High Deduction Health Plans Gaining Popularity among Public
These are plans with a higher deductible than any traditional insurance plan. The monthly premium is usually lower, but one pays more health care costs themselves before the insurance company starts to pay its share (your deductible). A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing one to pay for certain medical expenses with money free from federal taxes.
The
The enrollment number for these plans continues to grow YoY, as many employees feel the need to combat the rising healthcare prices. Rising consumerization may continue to drive the tremendous growth of voluntary benefits among employees, and therefore, the HDHPs are gaining popularity, in order to manage costs.
The large group market with more than 50 employees remains the most popular setting for HDHP and HAS enrollment, according to AHIP. In 2017, 82% of enrollment occurred in large employer settings, followed by the small-employer market (11%) and the individual market (7%)
The ACA and Health care
0.7 million people were enrolled in coverage through the health insurance marketplaces created under the ACA, including 9.2 million who received premium tax credits and 5.3 million who got cost-sharing reductions. In
Insurers can no longer deny coverage for pre-existing conditions, charge higher premiums based on health status or gender, revoke coverage when someone gets sick or impose annual or lifetime limits.
About 54 million people have a pre-existing condition that could have resulted in them being denied coverage in the pre-ACA individual market. Private insurers now must cover a wide range of preventive services at no out-of-pocket costs to consumers. This includes recommended cancer and chronic condition screenings, immunizations, and other services. Nearly 150 million people are enrolled in employer plans or through individual market insurance that must provide these free preventive services.
Companies Mentioned
- UnitedHealth Group
- Anthem
-
Humana Group - HealthCare Services Group Inc.
- Centene Corporation
-
Aetna Inc. -
Kaiser Foundation Group -
Independence Health Group - Molina Healthcare
For more information about this report visit https://www.researchandmarkets.com/r/uwmzhy
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