What's driving Health Insurance Market ; Eminent Players - Anthem Health Insurance, Aetna, Blue Cross Blue Shield Companies, Cigna, Highmark, HCSC, Humana, Kaiser Permanente, Wellcare and United Healthcare
Seemingly, prominent studies reveal that U.S. spends around 14% of its GDP on the healthcare sector but unfortunately large number of Americans have no health insurance and are required to either pay from their pockets or go without treatment. Statistics show that in 2012, there were about 45.6 million people in the U.S. who were without health insurance. It is one of the major concerns raised by advocates of healthcare reform.
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The growing interest in providing affordable quality healthcare is one of the prime forces driving the swift expansion of Health Maintenance Organizations (HMO). This well-organized system provides a comprehensive set of healthcare services and gives foremost priority to consumer’s health as well as assures them that services will be available whenever needed, resulting in improvements in societal health.
In 2018, the HMO segment had become one of the prominent gainers within the health insurance market despite the rigid regulations and is expected to continue with this performance in the years ahead as well, with affordable medical cost management, better claims handling, sound balance sheets and expansion through mergers and acquisitions. Subsequently, the segment is striving to gain a bigger market share and offer more innovative ways to avail treatments for the customers globally.
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Recently, Kaiser Permanente’s HMO plan in Washington was rated number one in the state and also received a top ranking for helping people who were suffering from acute conditions, along with aiding people who were suffering from chronic diseases. According to 2018 eValue8 survey, Kaiser Permanente Washington comprises of the most successful programs in the country, from effective health plans for its HMO members to control acute and chronic conditions.
A gist of North America health insurance industry trends
Reports indicate that in the year 2016, 91.2% of Americans had health insurance coverage – the number has been noted to be higher than the rate in 2015. Another 17 million Americans purchased health insurance for themselves from the private insurance market and around 100 million are covered by government firms. Rapid proliferation of the health insurance market has benefited majority of Michigan residents having health insurance.
As per Michigan’s state department of Health and Human Service, many individual health insurances are covered by HMOs which had amplified HMO enrollees by 28% in 2017. Michigan’s expanded Medicaid plan for providing healthcare policies to working residents and a low-income group had significantly propelled the accessibility of the healthcare industry. The uninsured rate in the U.S. fell from a peak of 18.2% in 2010 to 10.5% by 2015, driven by economic growth and Obamacare. This indicates that the health insurance market share of the U.S. can be anticipated to experience a substantial increase in the coming years.
Elaborating further, the region, along with Canada, has been experiencing an increase in healthcare awareness and the significance of medical care insurance. The presence of a supportive regulatory spectrum for insurance companies in the U.S. in tandem with the increase in chronic disease occurrence rate will drive North America health insurance market, that help over 33% of the global revenue share in 2018.
Prominent industry players in health insurance market such as Kaiser Permanente, Blue Cross Blue Shield Companies, Wellcare and United Healthcare are allowing better access to healthcare policies for enhancing their customer base and ensuring that customers get the best healthcare services according to their requirements.
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