United States Health and Medical Insurance Market 2021-2026: Over 68% of Coverage Provided by Private Insurance Programs
DUBLIN, November 12, 2021– (COMMERCIAL THREAD)–The “United States Health and Medical Insurance Market – Growth, Trends, Impact of COVID-19 and Forecast (2021 – 2026)” the report was added to ResearchAndMarkets.com offer.
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, the United States continues to dominate the growth in health insurance premiums in North America. This growth can be attributed to medical inflation, increased employment, and some postponement of benefits from the health policies of former US President Obama and Trump.
According to cdc.gov – Center for Disease Control and Prevention, the United States spent $ 3.8 trillion in 2019, or nearly 17.7% of the country’s GDP, bringing the average health expenditure per person in the states United at $ 11,582, which has crossed the $ 12,000 mark. in 2020. The US government has implemented extensive health care legislation to provide health coverage to the majority of the US population.
According to the NAIC (National Association of Insurance Commissioners), over 68% of health care coverage was provided by private insurance programs, such as PPOs, HMOs, POS plans, etc.
The top 25 insurers in the United States were worth around $ 130 billion in 2019, of which over 60% came from the top 25 health insurers. About 6% of Americans have non-group health insurance, and 50% have employer-provided insurance, 35% have Medicaid or Medicare and Military insurance while over 9% are still uninsured in 2019 .
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 IRS defines a high-deductible health plan as any plan with a deductible of at least $ 1,350 for an individual, or $ 2,700 for a family. The total annual disbursements of an HDHP (including deductibles, co-payments and coinsurance) cannot exceed $ 6,650 for an individual or $ 13,300 for a family (does not apply to off-grid services) .
Enrollment in these plans continues to grow year over year as many employees feel the need to fight rising healthcare prices. Increasing consumerization can continue to drive the huge growth of voluntary benefits among employees, and as a result, 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 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 Florida, Mississippi, Alabama, Nebraska, and Oklahoma, at least 95% of market registrants receive premium tax credits and / or cost-sharing grants.
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.
For more information on this report, visit https://www.researchandmarkets.com/r/uwmzhy
See the source version on businesswire.com: https://www.businesswire.com/news/home/2021112005526/en/
Laura Wood, Senior Press Director
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