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Health & Medical Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Health & Medical Insurance Market Research Report | NAICS 52411b | May 2016

Picture of health: Sweeping federal reform and an aging population will drive industry demand

IBISWorld’s Health & Medical Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Industry Statistics & Market Size
Revenue
$777bn
Annual Growth 11-16
4.0%
Annual Growth 16-21
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Profit
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Employment
527,380
Businesses
851
Industry Analysis & Industry Trends

The Health and Medical Insurance industry, which is made up of carriers of private, group and public health, medical, dental insurance, was characterized by slow growth five years ago as a result of reduced employer coverage and continued consumer deleveraging. However, consistent increases in healthcare expenditure and medical cost inflation, as well as a sharp decline in the uninsured rate, have driven industry growth in recent years. In the coming years, as the baby boomer generation ages, more people will need medical coverage and the retirement of baby boomers will particularly increase Medicare expenditure... purchase to read more

Industry Report - Industry Analysis Chapter

The Health and Medical Insurance industry has been experiencing strong growth over the past five years as a result of consistent growth in total healthcare expenditure. Insurers have struggled to increase premiums in line with medical cost inflation; however, this has been due to the price-sensitive nature of their services and a cash-strapped customer base. Consequently, revenue growth has lagged behind total health spending and operators’ profit margins, measured as interest before earnings and taxes, have remained restrained. As a result of these trends, revenue for the Health and Medical Insurance industry is expected to increase at an annualized 4.0% over the five years to 2016, reaching $777.5 billion... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Health & Medical Insurance Industry?

This industry underwrites (i.e. assumes the risks of and assigns premiums for) health and medical insurance policies. Insurance is the transfer of the risk of a loss in exchange for payment. Operators also provide administrative services for self-funded insurance plans (whereby an employer provides health benefits to workers with its own funds). Under this structure, the industry operator is a third-party administrator and is not responsible for health benefit payments.

Industry Products
Pharmacy benefit management (PBM)Preferred provider organization (PPO) plansHigh-deductible health plans (HDHPs)Health maintenance organization (HMO) plansPoint-of-service (POS) plansFee-for-service (FFS) plansMedicaid (via private firms)Medicare (via private firms)
 
Industry Activities
Underwriting health and medical insurance policiesUnderwriting dental policies Providing pharmacy benefit management servicesManaging care between the health provider and individual recipient Administering of self-funded insurance plansInvesting health insurance premiums


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