United States Health and Medical Insurance Market Report 2022-2027: Overall Job Growth Drives Demand for Health Insurance – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The report “United States Health and Medical Insurance Market – Growth, Trends, COVID-19 Impact, and Forecast (2022 – 2027)” has been added to from ResearchAndMarkets.com offer.
The US health insurance market is the largest in the world, without joining the WHO’s universal health coverage. Although 8% of the US population does not have health insurance, the United States continues to lead in health premium growth in North America.
This growth can be attributed to medical inflation, rising employment, and some postponement of the benefits of former US President Obama and Trump’s health policies. 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 United States at $11,582, which broke the $12,000 mark. in 2020. The US government has established many health care legislations, in order to provide health coverage to the majority of the US population.
According to the National Association of Insurance Commissioners (NAIC), more than 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 accounted for approximately USD 130 billion in 2019, of which more than 60% came from the top 25 health insurers. About 6% of Americans have non-group type health insurance, and 50% have employer-provided insurance, 35% have Medicaid or Medicare and Military insurance while more than 9% remain uninsured in 2019.
Increase in total health expenditure, which includes public and private expenditure on health promotion and disease prevention programs, through the use of medical, paramedical and nursing knowledge and technology
Overall employment growth is increasing demand for health insurance through individual and employer-sponsored health coverage
Government regulations and related policy orders are effecting many unprecedented changes in the way healthcare coverage is provided to US citizens.
Expensive health insurance and even expensive treatment have seen no improvement even after repeated state interventions due to the highly privatized sector.
Main 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 you pay for more health care costs yourself 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 some medical expenses to be paid with money free of federal taxes. 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. An HDHP’s total annual out-of-pocket expenses (including deductibles, copayments, and coinsurance) cannot exceed $6,650 for an individual or $13,300 for a family (not applicable to out-of-network services ).
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 have obtained cost-sharing reductions. In Florida, Mississippi, Alabama, Nebraska and Oklahoma, at least 95% of market enrollees receive premium tax credits and/or cost-sharing subsidies.
Insurers can no longer deny coverage for pre-existing conditions, charge higher premiums based on health status 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 caused them to be denied coverage in the pre-ACA individual market. Private insurers must now cover a wide range of preventive services at no cost to consumers.
Overview of Private Health Insurance (PHI) in the United States
About 60% of the US population uses private health insurance services to take care of their health needs. Private health insurance generally covers those who are not covered, or partially covered, by a public health program. Trump Care had its benefits, it had planned to cut the federal deficit by $150 billion by 2026. Trump Care increased Health Savings Account (HSA) contributions from $3400 to $6550. Trump care also provided subsidies for people with pre-existing conditions and the repeal of the consumption tax on prescription drugs, medical devices and some medical plans as well.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Healthcare Services Group Inc.
Kaiser Foundation Group
Independence Health Group
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