The US health insurance market is the largest in the world, without adhering to the WHO universal health coverage.
Although 8% of the American population does not have health insurance,
According to cdc.gov –
According to the NAIC (
The main insurers of
- Increase in total health expenditure, which includes both public and private expenditure on health promotion and disease prevention programs, with the use of medical, paramedical and nursing knowledge and technology
- Overall employment growth increases demand for health insurance through individual and employer-sponsored health coverage
- Government regulations and related political orders are making many unprecedented changes in the way health care coverage is offered to U.S. citizens.
- Expensive health insurance and even expensive treatment have seen no improvement, even after repeated state intervention due to the heavily privatized sector.
Key market trends
High deduction health plans are gaining popularity with the public
These are plans with a higher deductible than any traditional insurance plan. The monthly premium is usually lower, but more health care costs are paid before the insurance company starts paying its share (your deductible). A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing you to pay for certain medical expenses with money without federal tax.
The number of registrations for these plans continues to grow year over year as many employees feel the need to fight rising healthcare prices. Growing consumerization can continue to drive the huge growth of voluntary benefits among employees, and as a result, HDHPs are gaining in popularity, in order to manage costs.
The large group market with more than 50 employees remains the most popular setting for HDHP and HAS registration, according to AHIP. In 2017, 82% of registrations took place with large employers, followed by the small employer market (11%) and the personal market (7%).
ACA and Health
0.7 million people were covered by the health insurance markets created under the ACA, including 9.2 million who received premium tax credits and 5.3 million who received reductions cost sharing. In
Insurers can no longer deny coverage for pre-existing conditions, charge higher premiums based on health or gender, revoke coverage when someone becomes ill, or impose annual or lifetime limits. About 54 million people have a pre-existing condition that could have barred them from coverage in the pre-ACA individual market. Private insurers must now cover a wide range of preventive services at no cost to consumers. This includes recommended cancer and chronic disease screenings, vaccinations and other services. Almost 150 million people are affiliated with employer plans or individual market insurances which must provide these preventive services free of charge.
In the different segments of health insurance coverage, employer-based insurance was the most common, which covered about 56% of the population for a few months, or all year, followed by Medicaid (19.3 %), Medicare (17.2%), direct purchase coverage (16.0%) and military coverage (4.8%).
Growth in private health insurance spending is expected to have increased by 0.5%, to 5.6%, in 2017, in part due to higher premiums in the health insurance market. However, spending is expected to slow by 0.7%, on average, for 2019-2020
According to a report by the
The HHI takes into account the share of a market controlled by each of the competing companies (market share) and is expressed by a value between zero and 10,000. The lower the number, the more the market. competitive. The higher concentration of mergers and acquisitions of various health insurers is expected to raise antitrust concerns among consumers. This is a result of the health insurer’s monopoly power, due to consolidation, which gives them leverage to raise and keep premiums above competitive levels.
Main topics covered:
Dissertation on Medicare Premiums and Study on the Effect of Medical Trend Rate on Medicare Plans
Overview of online sales growth of
Technological advancement and innovation in the health insurance sector
Government regulations and initiatives
Brief on the Patient Protection and Affordable Care Act (ACA, Trumpcare) and its implications for comprehensive health insurance coverage
Insights on the latest health policy changes and their effect on the health spending of U.S. citizens
Porters 5 Force Analysis
The threat of new participants
Bargaining power of buyers / consumers
Bargaining power of suppliers
Threat of substitute products
Intensity of competitive rivalry
Impact of Covid-19 on the US Medicare and Medicare Market.
MARKET OPPORTUNITIES AND FUTURE TRENDS
- UnitedHealth Group
- Healthcare Services Group Inc.
- Centene Company
Aetna Inc. Kaiser Foundation Group Independence Health Group
- Molina Health
For more information on this report, visit https://www.researchandmarkets.com/r/whzde5
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