Market segmented by purchase type (purchased directly, sponsored by the employer), products and services (PBMs, HDHPs, FFS/traditional compensation plans, managed care plans (HMO, PPO, POS, other products and services), place of purchase (in exchange and external market) Growth, trends and forecasts (2019-2024)
The health insurance market in the United States is the largest in the world, without being restricted by the World Health Organization's universal health coverage. Although 8% of the US population has no health insurance, the US continues to lead the growth in health insurance premiums in North America. This growth can be attributed to medical inflation, increased employment, and carry over some benefits from the health care policies of former US President Obama and Trump. According to cdc.gov - Center for Disease Control and Prevention, the US spent $3.8 trillion in 2019 roughly 17.7% of the country's GDP, putting the average per capita health spending in the US at 11,582 USD, which exceeds USD 12,000. In the year 2020. The US government put in place several health care legislation, to provide health coverage to the majority of the US population.
According to NAIC (National Association of Insurance Commissioners), more than 68% of healthcare coverage is provided by private insurance programs, such as PPOs, HMOs, Point of Sale schemes, etc. 130 billion in 2019, more than 60% of which came from the 25 largest health insurers. About 6% of Americans buy non-group health insurance, 50% have employer-provided insurance, 35% have Medicaid or Medicare and Military insurance while more than 9% remain uninsured as of 2019.
Increase total health spending, which includes public and private spending on programs that promote health and disease prevention, while leveraging medical, paramedical, and nursing knowledge and technology.
The growth in total employment increases the demand for health insurance through health coverage sponsored by the individual and the employer
Government regulations and related policy orders are affecting many unprecedented changes in the way health care coverage is provided to US citizens.
Expensive health insurance and expensive treatment did not see any improvement even after repeated state intervention due to the highly privatized sector.