2023
9
US Health Insurance Market Report 2023
2023-09-29T13:03:14+01:00
REP7067D974_31FF_4FE8_B30A_DE70F436D08B
3695
166948
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/financial-services\/insurance"}]
Report
en_GB
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…
  1. /
  2. All Industries
  3. /
  4. Financial Services
  5. /
  6. Insurance
  7. /
  8. US Health Insurance Market Report 2023

US Health Insurance Market Report 2023

Reports - What's Included
  • Multiple Report Formats
  • Access to our Clients Portal
  • Interactive Databook
  • Custom Presentation Tool

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.

Additional Features Included in Your Report

Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Excel Databook.

Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

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
Amr Hamdi
Finance Analyst

Collapse All
    • Key issues covered in this Report
  1. 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
  2. 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
  3. Competitive Strategies

    • Marketing and advertising
    • Opportunities
  4. 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
  5. Appendix

    Why Choose Mintel?

    Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.

    Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:

    • Multiple Report Formats: Mintel’s reports are available in PDF and PPT formats, and are delivered straight to your inbox, so you can easily share Mintel’s market intelligence.
    • Access to Mintel’s Clients Portal: After your purchase is completed, you’ll receive an invitation to join Mintel’s Clients Portal, providing instant access to supplementary insights from Mintel’s industry experts.
    • Interactive Databook: Mintel’s bespoke consumer data is presented as an interactive website, so you can deep dive into your chosen topic, explore demographics and download specific statistics.
    • Custom Presentation Tool: Easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.

    Take a look at a sample PDF report below:

    Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
    £ 3,695 (Excl.Tax)
    • Instant access when you pay by credit card
    • Save up to 20% when you purchase multiple reports
    Buy now

    Is this report right for you?

    From consumer reports to customised growth strategies. We have an option to suit your business requirements.

    Find out more

    Popular Related Reports

    Global Outlook on Sustainability: A Consumer Study 2024-25

    £ 5,000£ 21,600

    Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...

    Find out more

    US Property and Casualty Insurance Market Report 2024

    £ 3,695

    Increases in business costs over the past few years for carriers have triggered successive premium hikes for policyholders, prompting some customers to reconsider their coverage and explore more...

    Find out more

    US Innovations in Insurance Report 2024

    £ 3,695

    With elevated premiums plaguing the P&C sector, consumers' openness to adopting telematics-based offerings due to the cost savings remains on the upswing – evidenced by the nearly 70%...

    Find out more

    US Medicare Market Report 2024

    £ 3,695

    Inflation's compression of consumer budgets has caused a prioritization of cost over choice of doctors when selecting coverage, driving consideration of switching. Patrick Rahlfs, Senior Research Analyst ...

    Find out more

    US Attitudes towards Fintech Consumer Report 2024

    £ 3,695

    Fintech, or financial technology, can be defined as the integration of technological advancements with financial services offerings, ranging from mobile banking and robo-advisors to cryptocurrency and blockchain. Fintech...

    Find out more

    US Life Insurance Market Report 2023

    £ 3,695

     “Life insurance is a product with a long-term focus, causing consumers to be most receptive to it when their futures are top-of-mind. These forward-looking considerations occur at key...

    Find out more

    Trusted by global industry leaders

    When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.

    They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.

    So overall, it’s the level of detail and the quality of forecasting that really stand out for me.

    Rebecca Green, Market Insight Manager, Wincanton

    At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.

    Alana Gavin, VP Research and Insights, Jackman

    One of the biggest challenges we face is the need to get smart on a business or category real quick.

    We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.

    We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.

    Jeff White, Business Development Director, Deutsch

    We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.

    By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.

    For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.

    Virginia Harvey, Secondary Research Manager, Epsilon

    There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.

    However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.

    Stephen Taylor-Brown, Managing Director, Abacus

    Is this report right for you?

    From consumer reports to customised growth strategies. We have an option to suit your business requirements.

    Find out more