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Health Insurance - US - October 2019

"The vast majority of American consumers have health insurance, but trust in the overall industry is fairly low. Consumers are not given a diverse number of choices, mainly due to the fact that most have health insurance through their employer. A push for transparency is affecting this industry, and insurers will need to work on “opening up” to consumers to make their products more easily understood."
- Jennifer White Boehm, Associate Director - Financial Services & Automotive

This Report will cover the following areas:

  • The state of the health insurance industry
  • Factors in choosing one's provider or plan
  • Consumer attitudes toward their health insurance

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Market overview
          • Key themes
            • The increased need for transparency
              • A relationship not built in choice – need to prove worth through customer service
                • Look to the future – make sure to stay ahead of what’s to come
                  • What it means/what’s next
                  • The Market – What You Need to Know

                    • Uninsured rates drop from 2017 to 2018
                      • Medical coverage remains most popular health insurance
                      • Market Size and Ownership

                        • Uninsured rates increased from 2017 to 2018
                          • Figure 1: Percent of Americans who are uninsured*, 2017-18
                        • Health insurance is still mainly an employer-benefit
                          • Figure 2: Percent of Americans with specified types of health insurance, 2017-18
                        • ACA enrollment has dropped every year since 2016
                          • Figure 3: ACA enrollment, 2014-19
                        • Millennials and Gen Xers most likely to use ACA benefits
                          • Figure 4: ACA enrollment, by age, 2016-19
                        • Medical coverage remains most popular health insurance
                          • Figure 5: Type of health insurance owned, August 2019
                      • Market Factors

                        • Uninsured rates are low
                          • Figure 6: Percentage of Americans who are uninsured*, 2013-2017
                        • Consumer spending on healthcare will continue to accelerate
                          • Figure 7: Total US retail sales and forecast of healthcare, at current prices, by segment, 2013-23
                        • Healthcare costs far outweigh those related to OTC spending
                          • Figure 8: Total US retail sales and forecast of healthcare, at current prices, by segment, 2013-23
                        • Aging population will be a continued strain on healthcare industry
                          • Figure 9: Populations aged 18 or older, by age, 2013 – 23
                          • Figure 10: Median age of the population, 1940 – 2050
                        • Unemployment levels remain steady
                          • Figure 11: Unemployment and underemployment, January 2007- July 2019
                      • Key Players – What You Need to Know

                        • Healthcare comes to Groupon
                          • American “epidemics” affect all consumer groups
                            • Technology companies take ever expanding interest in healthcare
                            • What’s Happening

                              • Fitbit exec moves to CVS, highlights “transformative” aspects of healthcare
                                • Healthcare comes to Groupon
                                  • CVS partners with SmileDirectClub
                                  • What’s Struggling

                                    • Data breaches can now affect healthcare data
                                      • Trust in industry still below 40%
                                        • Figure 12: Trust in industry vs trust in provider, August 2019
                                        • Figure 13: Trust of financial services sectors, October 2018
                                      • American “epidemics” affect all consumer groups
                                        • Figure 14: HHS sponsored tweet about opioid addiction, September 2019
                                        • Figure 15: HHS microsite focused on opioid education as of September 2019
                                    • What to Watch

                                      • Is 5G the latest healthcare disruptor?
                                        • IoT to continue making healthcare more personal and proactive
                                          • Technology companies taking ever-expanding interest in healthcare
                                          • Updates in Government Regulation

                                              • Administration hopes to shed light on complicated healthcare costs
                                                • Big Pharma must list out drug prices in TV advertising
                                                  • Legislative priorities may help end surprise medical bills
                                                  • The Consumer – What You Need to Know

                                                    • Brand recognition rules choice of health insurance provider
                                                      • Doctor choice tops factors for insurance plan selection
                                                        • Consumers would prefer to conduct their own research before treatment
                                                          • Satisfaction levels with insurance coverage are high
                                                          • Factors in Choice of Provider

                                                            • Brand recognition rules choice of health insurance provider
                                                              • Figure 16: Top factors in insurance provider choice, August 2019
                                                            • Without choice, insurers will have to work to build relationship with insured
                                                              • Figure 17: Top factors in insurance provider choice, August 2019
                                                            • Men more interested in price and external recommendations
                                                              • Figure 18: Top factors in insurance provider choice, August 2019
                                                          • Factors in Choice of Plan

                                                            • Doctor choice tops factors for insurance plan selection
                                                              • Figure 19: Top factors in insurance plan choice, August 2019
                                                              • Figure 20: Top factors in insurance plan choice, ranked 1 or 2, August 2019
                                                              • Figure 21: Kaiser Permanente newsletter, June 2019
                                                            • Older consumers most concerned with doctor selection
                                                              • Figure 22: Top factors in insurance plan choice, August 2019#
                                                            • Younger consumers most interested in telemedicine benefits
                                                              • Figure 23: Access to telemedicine, by gender, geography, and generation, August 2019
                                                              • Figure 24: Cigna telemedicine email, June 2019
                                                          • Health Plan Behaviors

                                                            • Consumers are looking up insurance providers online
                                                              • Figure 25: Online research and changing insurance plans, August 2019
                                                              • Figure 26: United Healthcare Medicare mobile ad and website landing page, September 2019
                                                            • Consumers would prefer to conduct their own research before treatment
                                                              • Figure 27: Top factors in insurance plan choice, August 2019
                                                            • Information is easy to find, and app adoption is growing
                                                              • Figure 28: Top factors in insurance plan choice, August 2019
                                                            • Four in 10 consumers have changed their habits for incentives
                                                              • Figure 29: Top factors in insurance plan choice, August 2019
                                                          • Attitudes toward Health Insurance

                                                            • Satisfaction levels with insurance coverage are high
                                                              • Figure 30: Satisfaction with coverage and doctors, by age, August 2019
                                                            • Trust in provider is higher than trust in the insurance industry
                                                              • Figure 31: Trust in insurance provider or industry, by age & gender and generation, August 2019
                                                            • Health insurance is a strong factor for job selection
                                                              • Figure 32: Health insurance influence on job selection, by parental status, August 2019
                                                            • In-person care is still preferred to specialized telemedicine
                                                              • Figure 33: Preference for in-person care vs telemedicine, by geographical area and age, August 2019
                                                              • Figure 34: Blue Cross Blue Shield Federal Employee Program direct mail, January 2019
                                                          • Individual Insurance Purchase Channel

                                                            • Individually insured relying mainly on online purchase channels
                                                              • Figure 35: Health insurance purchase channel for individual coverage, August 2019
                                                          • Appendix – Data Sources and Abbreviations

                                                            • Data sources
                                                              • Consumer survey data
                                                                • Direct marketing creative
                                                                  • Abbreviations and terms
                                                                    • Abbreviations

                                                                    Health Insurance - US - October 2019

                                                                    £3,435.47 (Excl.Tax)