Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Overview
- The issues
- Most Americans see health insurance as a right, not a privilege
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- Figure 1: Health insurance as a right, by generation, August 2018
- Consumers are struggling with the costs of healthcare
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- Figure 2: Attitudes about healthcare costs, by age, August 2018
- America is growing older
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- Figure 3: US population, by age, 2015, 2020, 2025
- The opportunities
- Young people need more help choosing the right plan
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- Figure 4: Assistance needed in choosing a health plan, by age, August 2018
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- Figure 5: Willingness to share health data, by age, August 2018
- Young consumers are less loyal to traditional insurers
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- Figure 6: Willingness to use nontraditional insurers, by age, August 2018
- What it means
The Market – What You Need to Know
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- Percentage of uninsured Americans is at an all-time low
- More Americans are directly purchasing insurance coverage
- The growing 65+ age bracket will test the limits of public health programs
- ACA enrollment figures reach a plateau
- Unemployment reaches new lows
Market Breakdown
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- Percentage of uninsured Americans is historically low, but at a potential plateau
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- Figure 7: Percentage of Americans who are uninsured,* 2005-17
- Enrollment figures show more Americans are finding coverage through direct-purchase
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- Figure 8: Percent of Americans with specified types of health insurance, 2013-17
Market Factors
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- A nation grows older
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- Figure 9: US population, by age, 2015, 2020, 2025
- ACA uncertainty
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- Figure 10: ACA enrollment, 2014-18
- Figure 11: ACA enrollment, by age, 2016-18
- Unemployment numbers are steadily falling, but so is labor force participation
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- Figure 12: Unemployment and underemployment, January 2007-July 2018
Key Players – What You Need to Know
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- Digital tools extend the reach of healthcare
- Future of public health programs faces challenges
- Corporate partnerships and mergers common throughout industry
What’s Happening?
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- Most consumers are satisfied with their coverage and doctors
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- Figure 13: Satisfaction with health plan doctors and coverage, by age, August 2018
- Digital tools extend the reach of healthcare
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- Figure 14: Aetna member communication, May 2018
- Figure 15: CVS Email, August 2018
What’s Struggling?
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- Healthcare costs are ballooning, with little to show for it
- Future of public health programs
- Medicaid
- Medicare
- Affordable Care Act
What’s Next?
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- Insurance as a Service
- Corporate partnerships and mergers common throughout industry
- Amazon, Berkshire Hathaway, J.P. Morgan joint venture
- Aetna-CVS and Cigna-Express Scripts deals near completion
- Walgreens and Humana are partnering to create senior health hubs
The Consumer – What You Need to Know
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- Most consumers see health insurance as a right, not a privilege
- Monthly premiums and choice of doctors have the most impact on health insurance decisions
- Young and low-income households are less likely to have employer-sponsored health insurance
- Most individuals would share their health data in exchange for lower premiums
- Health insurance mobile apps are gaining traction
- Seniors are significantly less likely to have dental insurance
Health Insurance Owned
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- Likelihood of medical and prescription coverage increases with both age and income
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- Figure 16: Medical insurance and prescription drug coverage, by age and income, August 2018
- Hispanic and Black populations are less likely to have several types of insurance
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- Figure 17: Ownership of various insurance types, by race and ethnicity, August 2018
- Seniors are significantly less likely to have dental insurance
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- Figure 18: Dental insurance ownership, by age, August 2018
- Southern regions have the lowest rate of medical insurance coverage
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- Figure 19: US Census Bureau geographical regions
- Figure 20: Medical insurance ownership, by region, August 2018
Source of Coverage
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- Young and low-income households are less likely to have employer-sponsored health insurance
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- Figure 21: Medical insurance ownership through employer, by age and income, August 2018
- Individual insurance is most common among young consumers
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- Figure 22: Individual health insurance ownership, by age, August 2018
- Most consumers with individual coverage purchased direct from an insurer
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- Figure 23: Medical insurance ownership, by age, August 2018
Factors in Health Plan Choice
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- Monthly premiums and choice of doctors have the most impact on health insurance decisions
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- Figure 24: Important factors in health insurance purchase, August 2018
- Many with employer-sponsored health plans have few options
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- Figure 25: Important factors in health insurance purchase, by age, August 2018
Health Plan Behaviors
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- Younger consumers are more price conscious, do more online research
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- Figure 26: Health plan behaviors regarding obtaining multiple opinions, by age, August 2018
- One third of consumers needed help choosing the right healthcare plan
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- Figure 27: Assistance needed in choosing a health plan, by age, August 2018
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- Figure 28: USAA statement insert, February 2018
- Nearly 60% of consumers prefer to receive multiple opinions before taking action
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- Figure 29: Health plan behaviors regarding obtaining multiple opinions, by age, August 2018
- Health insurance mobile apps are gaining traction
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- Figure 30: Medical insurance ownership, by gender, race, and ethnicity, August 2018
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- Figure 31: BlueCross BlueShield of Illinois direct mailing, December 2017
- Most individuals would share their health data in exchange for lower premiums
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- Figure 32: Willingness to share health data, by age, August 2018
- Young consumers are less loyal to traditional insurers
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- Figure 33: Willingness to use nontraditional insurers, by age, August 2018
Attitudes toward Health Insurance
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- Four out of five consumers believe health insurance is the most important employee benefit
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- Figure 34: Health insurance as an employee benefit, by marital and parental status, August 2018
- Most feel health insurance is a right, not a privilege
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- Figure 35: Health insurance as a right, by generation, August 2018
- Most consumers are satisfied with their coverage and doctors
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- Figure 36: Satisfaction with health plan doctors and coverage, by age, August 2018
- Despite complexity, consumers (especially older Americans) are largely confident in their understanding of health insurance
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- Figure 37: Understanding of coverage and ability to find information, by generation, August 2018
Incentives
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- More than 40% of consumers utilize insurance wellness programs
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- Figure 38: Wellness program usage, by gender, race, and ethnicity, August 2018
- Nearly 80% of consumers believe health insurance providers should reward customers for healthy behaviors
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- Figure 39: Attitudes concerning rewards for healthy behaviors, by age, August 2018
- Cash has the greatest potential to motivate healthy behavior
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- Figure 40: Healthcare incentives toward healthy behaviors, August 2018
- TURF Analysis
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- Figure 41: TURF analysis – Healthcare incentives toward healthy behaviors, August 2018
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
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