This report provides deep insight into the US health insurance market and consumer. Understand the state of the industry, and what consumers want to see from providers. Below, we summarise the key topics covered and offer handpicked insights from the report itself.
Key Topics Covered
- Most important factors in choice of a provider and health plan.
- Health plan consumer behaviours (eg choosing/researching).
- Consumer attitudes towards their providers and the health insurance industry.
- Individual health insurance purchase channels.
US Health Insurance Industry Overview
The US healthcare industry has responded to consumers’ heightened focus on physical and mental wellbeing by investing in virtual and value-based care models. Telehealth has been a major driver of this digitisation, particularly among younger consumers and parents. Incentive-driven care models have also seen increased interest from consumers.
Despite this, trust in healthcare providers has remained stagnant. To address this, insurers must be proactive by offering rewards and incentives for healthy behaviours, providing mental health resources, and investing in digital solutions to enhance the customer experience.
US Health Insurance Industry Statistics
Below, we provide some consumer-focused statistics from this report, and discuss opportunities to engage based on them.
- Consumers want autonomy, and this drives health insurance choice. 69% of consumers consider being able to choose their doctor as the top factor in their health insurance plan decision. Providing easy-to-navigate directories of doctors (and hospitals) will continue to prove beneficial.
- Gen Z and Millennials place higher value on mental health resources. 24/7 virtual access to support will therefore be an important aspect, as will be providing tailored mental health packages for these demographics.
- Almost 45% would use buy now, pay later (BNPL) to pay for healthcare. This trend leans towards lower-income households, and health insurance providers can position to indicate the importance of preventative healthcare that would otherwise be inaccessible due to financial barriers.
For a complete breakdown of strategies in the US health insurance market, buy the full report. Alternatively, browse our insurance market research to see more relevant reports. Our health and wellbeing market research may also be of interest.
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Expert Analysis
Leading finance analyst Amr Hamdi delivers in-depth commentary and analysis of the US health insurance market with this report.
The biggest winners will be insurers that remain innovation-driven while maintaining a customer-centric ethos to ensure long-term and value-filled relationships.
Amr Hamdi
Finance Analyst
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- Key issues covered in this Report
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Executive Summary
- Consumer trends: key takeaways
- Graph 1: understanding of health coverage, by household income, 2023
- Graph 2: purchase channel for individual health insurance, by age, 2023
- Opportunities
- Graph 3: attitudes toward health-based incentives, by generation, 2023
- Graph 4: prescription drug coverage ownership, by race and ethnicity, 2023
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Consumer Insights
- Consumer fast facts
- Factors in choice of health insurer and plan
- Graph 5: top five factors in choice of health insurer, 2023
- Graph 6: top factors in choice of health insurance plan over time, 2021 and 2023
- Graph 7: importance of choice of doctors versus choice of hospitals in health plan, by age, 2023
- Graph 8: importance of mental health resources in health plan, by generation, 2023
- Health plan behaviors
- Graph 9: researching health insurance plans online over time, 2019, 2021 and 2023
- Graph 10: researching healthcare costs in advance, by generation, 2023
- Graph 11: ease in finding information about health plan, 2023
- Attitudes toward health insurance
- Graph 12: trust in insurance provider versus industry over time, 2021 and 2023
- Graph 13: healthcare coverage influence on job selection, by generation and parental status, 2023
- Graph 14: interest in text messaging and chatbots, by generation, 2023
- Graph 15: BNPL interest for healthcare expenses, by household income, 2023
- Graph 16: BNPL interest for healthcare expenses, by generation, 2023
- Medicare enrollment behaviors
- Graph 17: Medicare enrollment behaviors, 2023
- Valuable health insurance app features
- Graph 18: importance of telehealth in a health insurer’s mobile app, by children in household, 2023
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Competitive Strategies
- Marketing and advertising
- Opportunities
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The Market
- Market drivers
- Graph 19: unemployment rate, 2020-23
- Market size
- Graph 20: type of health insurance currently owned, 2023
- Graph 21: health insurance ownership, 2023
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Appendix
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