Table of Contents
Executive Summary
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- Market overview
- Key themes
- The increased need for transparency
- A relationship not built in choice – need to prove worth through customer service
- Look to the future – make sure to stay ahead of what’s to come
- What it means/what’s next
The Market – What You Need to Know
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- Uninsured rates drop from 2017 to 2018
- Medical coverage remains most popular health insurance
Market Size and Ownership
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- Uninsured rates increased from 2017 to 2018
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- Figure 1: Percent of Americans who are uninsured*, 2017-18
- Health insurance is still mainly an employer-benefit
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- Figure 2: Percent of Americans with specified types of health insurance, 2017-18
- ACA enrollment has dropped every year since 2016
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- Figure 3: ACA enrollment, 2014-19
- Millennials and Gen Xers most likely to use ACA benefits
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- Figure 4: ACA enrollment, by age, 2016-19
- Medical coverage remains most popular health insurance
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- Figure 5: Type of health insurance owned, August 2019
Market Factors
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- Uninsured rates are low
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- Figure 6: Percentage of Americans who are uninsured*, 2013-2017
- Consumer spending on healthcare will continue to accelerate
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- Figure 7: Total US retail sales and forecast of healthcare, at current prices, by segment, 2013-23
- Healthcare costs far outweigh those related to OTC spending
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- Figure 8: Total US retail sales and forecast of healthcare, at current prices, by segment, 2013-23
- Aging population will be a continued strain on healthcare industry
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- Figure 9: Populations aged 18 or older, by age, 2013 – 23
- Figure 10: Median age of the population, 1940 – 2050
- Unemployment levels remain steady
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- Figure 11: Unemployment and underemployment, January 2007- July 2019
Key Players – What You Need to Know
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- Healthcare comes to Groupon
- American “epidemics” affect all consumer groups
- Technology companies take ever expanding interest in healthcare
What’s Happening
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- Fitbit exec moves to CVS, highlights “transformative” aspects of healthcare
- Healthcare comes to Groupon
- CVS partners with SmileDirectClub
What’s Struggling
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- Data breaches can now affect healthcare data
- Trust in industry still below 40%
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- Figure 12: Trust in industry vs trust in provider, August 2019
- Figure 13: Trust of financial services sectors, October 2018
- American “epidemics” affect all consumer groups
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- Figure 14: HHS sponsored tweet about opioid addiction, September 2019
- Figure 15: HHS microsite focused on opioid education as of September 2019
What to Watch
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- Is 5G the latest healthcare disruptor?
- IoT to continue making healthcare more personal and proactive
- Technology companies taking ever-expanding interest in healthcare
Updates in Government Regulation
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- Administration hopes to shed light on complicated healthcare costs
- Big Pharma must list out drug prices in TV advertising
- Legislative priorities may help end surprise medical bills
The Consumer – What You Need to Know
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- Brand recognition rules choice of health insurance provider
- Doctor choice tops factors for insurance plan selection
- Consumers would prefer to conduct their own research before treatment
- Satisfaction levels with insurance coverage are high
Factors in Choice of Provider
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- Brand recognition rules choice of health insurance provider
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- Figure 16: Top factors in insurance provider choice, August 2019
- Without choice, insurers will have to work to build relationship with insured
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- Figure 17: Top factors in insurance provider choice, August 2019
- Men more interested in price and external recommendations
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- Figure 18: Top factors in insurance provider choice, August 2019
Factors in Choice of Plan
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- Doctor choice tops factors for insurance plan selection
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- Figure 19: Top factors in insurance plan choice, August 2019
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- Figure 20: Top factors in insurance plan choice, ranked 1 or 2, August 2019
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- Figure 21: Kaiser Permanente newsletter, June 2019
- Older consumers most concerned with doctor selection
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- Figure 22: Top factors in insurance plan choice, August 2019#
- Younger consumers most interested in telemedicine benefits
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- Figure 23: Access to telemedicine, by gender, geography, and generation, August 2019
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- Figure 24: Cigna telemedicine email, June 2019
Health Plan Behaviors
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- Consumers are looking up insurance providers online
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- Figure 25: Online research and changing insurance plans, August 2019
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- Figure 26: United Healthcare Medicare mobile ad and website landing page, September 2019
- Consumers would prefer to conduct their own research before treatment
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- Figure 27: Top factors in insurance plan choice, August 2019
- Information is easy to find, and app adoption is growing
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- Figure 28: Top factors in insurance plan choice, August 2019
- Four in 10 consumers have changed their habits for incentives
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- Figure 29: Top factors in insurance plan choice, August 2019
Attitudes toward Health Insurance
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- Satisfaction levels with insurance coverage are high
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- Figure 30: Satisfaction with coverage and doctors, by age, August 2019
- Trust in provider is higher than trust in the insurance industry
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- Figure 31: Trust in insurance provider or industry, by age & gender and generation, August 2019
- Health insurance is a strong factor for job selection
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- Figure 32: Health insurance influence on job selection, by parental status, August 2019
- In-person care is still preferred to specialized telemedicine
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- Figure 33: Preference for in-person care vs telemedicine, by geographical area and age, August 2019
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- Figure 34: Blue Cross Blue Shield Federal Employee Program direct mail, January 2019
Individual Insurance Purchase Channel
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- Individually insured relying mainly on online purchase channels
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- Figure 35: Health insurance purchase channel for individual coverage, August 2019
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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