Table of Contents
Executive Summary
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- The issues
- Costs are still a primary concern – and they are still rising
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- Figure 1: Top factors in choosing health insurance, June 2016
- Most consumers don’t understand the information their insurance company provides
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- Figure 2: Easy to get and understand information, by generation, June 2016
- How will the upcoming election affect the Affordable Care Act (ACA)?
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- Figure 3: Attitude toward ACA, by demographics, June 2016
- The opportunities
- Technology-based health insurers have an opening
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- Figure 4: Attitudes toward health insurance and health insurance providers, by age and gender, June 2016
- Customer service improvements
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- Figure 5: Ease and preference of communication, by generation, June 2016
- Incentives may help attract and retain customers
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- Figure 6: Interest in financial incentives, by gender and age, June 2016
- What it means
The Market – What You Need to Know
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- Healthcare spending continues to rise
- Growth in healthcare spending as a percentage of GDP has slowed
- Percentage of Americans who are uninsured is dropping
- Most have employment-based coverage
- The majority have medical and prescription coverage
- The aging of America
- Unemployment continues to be low
- The presidential election may affect the ACA
Market Size and Forecast
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- Healthcare spending continues to rise
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- Figure 7: National health expenditures, selected years, 1960-2014
- Growth in healthcare spending as a percentage of GDP has slowed
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- Figure 8: Healthcare spending as a percentage of GDP, selected years 1960-2014
- Percentage of Americans who are uninsured is dropping
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- Figure 9: Percentage of Americans who are uninsured, 2004-14
Market Breakdown
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- Most have employment-based coverage
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- Figure 10: Source of health insurance coverage for Americans with health insurance at least part of the year, 2014
- The majority have medical and prescription coverage
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- Figure 11: Type of coverage owned, June 2016
Market Factors
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- The aging of America
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- Figure 12: Percentage of total population, by age, selected years 2015-55
- Figure 13: Anthem direct mail ad, 2016
- Unemployment continues to be low
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- Figure 14: US unemployment rate, May 2010 –May 2016
- The presidential election may affect the ACA
Key Players – What You Need to Know
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- Most are satisfied with their health insurance plan and provider
- Wellness program partnerships
- Health exchanges
- Online tools to manage healthcare costs are floundering
- Consolidation of the industry
- The role of technology in health insurance
What’s Working?
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- Most are satisfied with their health insurance plan and provider
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- Figure 15: Attitudes toward health insurance plans and providers, June 2016
- What would consumers change?
- Wellness program partnerships
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- Figure 16: Interest in insurance savings opportunities, by generation, August 2015
What’s Struggling?
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- Health exchanges
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- Figure 17: Attitude toward need for health insurance, by gender and age June 2016
- Online tools to manage healthcare costs are floundering
What’s Next?
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- Consolidation of the industry
- The role of technology in health insurance
- Zoom+PHI
- Clover Health
- Picwell
- The use of wearables is continuing to grow
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- Figure 18: Ownership/intent to purchase any fitness tracker, by generation, September 2015
The Consumer – What You Need to Know
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- Employer-sponsored is most popular
- Parents more likely than non-parents to have private insurance
- Health insurers need to improve communication
- Young people are interested in incentives to manage their health
- Cost is most important
- Technology-based health insurers can benefit from desire to change
Health Insurance Ownership
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- Employer-sponsored is most popular
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- Figure 19: Health insurance ownership, June 2016
- Hispanics and Blacks are least likely to have employer-sponsored health insurance
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- Figure 20: Health insurance ownership, by race and Hispanic origin, June 2016
- Parents more likely than non-parents to have private insurance
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- Figure 21: Health insurance ownership, by parental status, June 2016
Type of Coverage Owned
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- Income affects coverage
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- Figure 22: Insurance coverage owned, by household income, June 2016
- Parents buy a greater variety of coverage
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- Figure 23: Insurance coverage owned, by parental status, June 2016
Ease of Working with Health Insurance Carrier
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- Health insurers need to improve communication
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- Figure 24: Ease of getting information, by generation, June 2016
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- Figure 25: UnitedHealthcare email ad, 2016
- Websites are important – and need to improve
- Electronic communication better for parents
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- Figure 26: Communication preferences, by parental status, June 2016
- Mobile apps are of more interest to Hispanics
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- Figure 27: Interest in mobile apps, by Hispanic origin, June 2016
- Young people are interested in incentives to manage their health
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- Figure 28: Interest in managing health, by generation, June 2016
- Most would like financial rewards
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- Figure 29: Believe health insurers should offer financial rewards, by generation, June 2016
- High earners most likely to want financial rewards
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- Figure 30: Believe health insurers should offer financial rewards, by household income, June 2016
Important Factors in Choosing Health Insurance
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- Cost is most important
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- Figure 31: Most important factors in choosing a healthcare plan, by generation, June 2016
- Copay amounts most important to Blacks
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- Figure 32: Most important factors in choosing a healthcare plan, by race and Hispanic origin, June 2016
- Cost is top of mind for most
Attitudes toward Health Insurance and Providers
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- Parents are more positive about health insurers
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- Figure 33: Attitudes toward health insurance providers, by parental status, June 2016
- Technology-based health insurers can benefit from desire to change
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- Figure 34: Interest in different health insurance plan, by gender and age, June 2016
- Hispanics want technology and are interested in switching plans
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- Figure 35: Interest in different health insurance plan, by Hispanic origin, June 2016
- Hispanics value health insurance more than do non-Hispanics
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- Figure 36: Attitudes toward health insurance, by Hispanic origin, June 2016
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- Figure 37: Anthem email ad, 2016
Knowledge of the ACA
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- No growth in understanding of the ACA
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- Figure 38: Awareness of ACA features, April 2014, June 2016
- Consumer experience with the ACA
Appendix – CHAID Analysis
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- Figure 39: Interest in purchasing insurance from a technology-based company – CHAID – Tree output, June 2016
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Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – Consumer
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- Figure 40: Use of health monitoring devices for personal use, by demographics
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