U.S. Family Floater Health Insurance Market Size to Hit USD 8.29 Billion by 2033, at 3.55% CAGR - Report by Nova One Advisor Inc.
U.S. Family Floater Health Insurance Market Size and Trends
The U.S. family floater health insurance market size was exhibited at USD 5.85 billion in 2023 and is projected to hit around USD 8.29 billion by 2033, growing at a CAGR of 3.55% during the forecast period 2024 to 2033.
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Key Takeaways:
The increasing cost of healthcare and rising awareness are among the major factors leading to the rising demand for health insurance. Moreover, the introduction of new products and technologies in the healthcare sector promoting the adoption of innovative procedures and marketing strategies by insurance providers to attract more customers are also driving the growth of the market. Another element fueling the expansion of the U.S. family floater market is the rising prevalence of chronic diseases. Financially, the treatment of chronic illnesses like cancer and heart disease can be very difficult for patients and their families. Hence, a lot of people choose health insurance to avoid the sudden stress of having to pay a large sum of money for hospitals and other medical bills.
The CDC estimates that individuals with chronic diseases and mental health disorders are responsible for 90% of the $3.8 trillion in annual healthcare costs in the country. The report also notes that a sizeable part of spending on public insurance goes toward treating chronic illnesses.
The COVID-19 pandemic had beneficial long-term impacts. Because it has made the necessity and significance of health insurance clear during the previous two years. The entire pandemic's short-term effects, however, were not so good for the health insurance sector. Public health measures during the early stages of the pandemic also had enormous financial effects.
Restaurants, office buildings, gyms, sports and entertainment venues, and other companies had to close due to the crisis. This led to an increase in the number of unemployed people in the nation, which in turn caused a decline in the number of people buying family health insurance floaters during the pandemic.
However, the fall in sales was a temporary impact and the industry recovered quickly post-pandemic. Individuals have understood the importance of health insurance now, more than ever. Thus, this is expected to drive the growth of the market over the forecast period.
U.S. Family Floater Health Insurance Market By Type Insights
According to type, the private segment dominated the market in 2023. This is because more people are choosing to purchase private insurance coverage to close the gap, cover ailments, and access services that are not covered by public health care. In the United States, private health insurance remained to be more common than public insurance, with 66.5% and 34.8%, respectively, according to the 2023 Census.
U.S. Family Floater Health Insurance Market By Household Relations Insights
In 2023, the married couples segment commanded the largest revenue share, due to a significant percentage of married couples implementing family floater insurance. Nonetheless, the number of married couple families is declining as a result of an increase in divorces and a move towards a big number of people opting to live alone. For instance, according to a news report, the proportion of the 130 million households in the U.S. with married parents and children under 18 declined from 18.6% in 2020 to 17.8% in 2021.
U.S. Family Floater Health Insurance Market By Income-to-Poverty Ratio Insights
At or above 400 percent of the poverty segment accounted for the highest market share in 2023. As income plays a very important role while purchasing health insurance. Individuals who are at or above 400 percent of poverty are most likely to have health insurance as compared to other lower-income segments.
U.S. Family Floater Health Insurance Market By Regional Insights
The South region accounted for the highest market share in 2023 owing to the presence of noteworthy insurance plans and the substantial number of individuals with health insurance in the region.
Florida State dominated the South region in terms of revenue. This is due to the rising number of insured people in the state. For instance, according to the U.S. Department of Health and Human Services, insurance companies provided medical coverage through commercial healthcare plans in Florida to nearly 12.1 million people, as of June 30, 2023, over 62% of the 19.2 million insured in the state.
Some of the prominent players in the U.S. family floater health insurance market include:
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Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. family floater health insurance market
Type
Household Relations
Income-to-Poverty Ratio
Regional
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