Industry Description
Establishments primarily engaged in providing hospital, medical, and other health services to subscribers or members in accordance with prearranged agreements or service plans. Generally, these service plans provide benefits to subscribers or members in return for specified subscription charges. The plans may be through a contract under which a participating hospital or physician agrees to render the covered services without charging any additional fees. Other plans provide for partial indemnity and service benefits. Also included in this industry are separate establishments of health maintenance organizations which provide medical insurance. Establishments providing these services through their own facilities or employed physicians are classified in Major Group 80.
Business Examples
Common types of business activities within US SIC 6324 - Hospital and Medical Service Plans are:
- Dental insurance (providing services by contracts with health
- Group hospitalization plans
- Hospital and medical service plans
- Medical service plans
IBISWorld Industry Research Report
Health & Medical Insurance in the US (52411b)
Revenue 2025
$1542.2bn
Growth 2025
2.50%
Key Trends
As unemployment increased, many people lost their employer-sponsored health insurance, causing limited growth in 2020
The CARES Act expanded the federal Medicaid matching rate
More people will need medical coverage as baby boomers age
Products and Services
US-SIC Hierarchy 6324 - Hospital and Medical Service Plans
US-SIC Code 6324 - Hospital and Medical Service Plans sits in the 2-digit Hospital and Medical Service Plans sector. US SIC codes can be 2 to 8 digits and the further along the hierarchy, the more detailed and specific the category will be.
Division: H
Division Title: Finance, Insurance, and Real Estate
2 Digits 3 Digits 4 Digits
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601 Central Reserve Depository Institutions
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602 Commercial Banks
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603 Savings Institutions
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606 Credit Unions
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608 Foreign Banking and Branches and Agencies Of
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609 Functions Related To Depository Banking
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611 Federal and Federally-sponsored Credit Agencies
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614 Personal Credit Institutions
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615 Business Credit Institutions
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616 Mortgage Bankers and Brokers
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621 Security Brokers, Dealers, and Flotation
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622 Commodity Contracts Brokers and Dealers
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623 Security and Commodity Exchanges
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628 Services Allied With the Exchange of Securities
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631 Life Insurance
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632 Accident and Health Insurance and Medical
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633 Fire, Marine, and Casualty Insurance
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635 Surety Insurance
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636 Title Insurance
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637 Pension, Health, and Welfare Funds
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639 Insurance Carriers, Not Elsewhere Classified
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651 Real Estate Operators (except Developers) and Lessors
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653 Real Estate Agents and Managers
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654 Title Abstract Offices
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655 Land Subdividers and Developers
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671 Holding Offices
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672 Investment Offices
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673 Trusts
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679 Miscellaneous Investing
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Extended US-SIC Hierarchy for 6324 - Hospital and Medical Service Plans
For business marketing and targeting, US SIC Codes have been extended to provide more specific classifications within US-SIC 6324 - Hospital and Medical Service Plans. Extended US SIC Codes are being continuously updated to reflect the current business environment.
6 Digit SIC Codes
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632401 Medical & surgical plans
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632402 Hospitalization plans-medical & surgical
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632403 Preferred provider organizations
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632404 Health plans
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632405 Medical bill review
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632406 Medical provider consultants
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632498 Hospital & medical service plans
8 Digit SIC Codes
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63240000 Hospital and medical service plans
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63249900 Hospital and medical service plans, nec
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63249901 Dental insurance
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63249902 Group hospitalization plans
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63249903 Health Maintenance Organization (HMO), insurance only
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