Nothing in life is as precious as life itself. This is why it is often advised that while struggling to achieve your life goals, you should never compromise on your health.

According to the Urban Institute, with every passing year, the cost of medical care is on the rise.

This makes it quite hard to receive quality healthcare in a timely manner. This is why having health insurance continues to be a smart decision for you and your loved ones.

The insurance industry itself is thriving at a fast pace, thereby showcasing the increasing demand for health insurance.

Here are some facts related to health insurance that will surely blow your mind away.

1. 2019 had been a great year for the insurance sector globally

According to Deloitte, globally, overall, the insurance sector fared quite well for itself in 2019. In fact, Lloyd, which is the world’s biggest insurance player, reported a staggering profit of $2.8 billion USD in 2019 after witnessing losses in the prior two years.

2. The US spends approximately $10,000 per person on health care

US health care expenditures for the year of 2015 were released by the Centers for Disease Control. The report delivered by them revealed that the US spent an estimated $9,990 per person in providing health care to its citizens. Compared to Somalia, which spends $33, and Japan, that spends $3815, US health care expenditure is quite high.

3. The US will witness a rise in the total cost of health insurance coverage

Various large and prominent employers have predicted that in 2020, their healthcare coverage costs will further increase. According to a survey conducted by the National Business Group, it is being estimated that the cost will reach a whopping $15,375 per worker.

4. US employers will only cover 70 percent of the cost

Just because you have a sound job doesn’t mean your health care expenses are taken care of! In fact, as per the National Business Group survey, employers will only cover a maximum of 70 percent of the total health care cost of its employees and their families.

In other words, at least $4500 worth of expense will have to be covered by the citizens as an out of the pocket expense.

5. Global health care spending is predicted to rise even more

As reported by Deloitte, the expenditure on health care if further predicted to see a rise of 5 percent per annum from 2019 till 2023. Hence, the health care insurance sector is likely to witness various changes and opportunities.

6. Within the US, Hispanics continue to be the demographic group with the highest percent of people without health insurance

Statista compiled a comparative report between the percentage of people without health insurance in 2013 versus that of 2017. The data was divided according to the different demographic groups in the US, age groups, and annual income.

Forty-four thousand five hundred ninety-six respondents were surveyed. The research revealed that Hispanics were the largest demographic group in the US, which did not have health insurance. They accounted for 39.7 percent of the sample in 2017 compared to 28.6 percent in 2013.

7. Health care will be American’s priority when deciding who to vote for in 2020 presidential elections

Health care is one of the most critical issues, according to most Americans. Recently, the Affordable Care Act passed by the government led to a substantial decrease in the number of Americans left without health insurance. It has also reduced out-of-pocket spending on health-related issues.

As health care expenses continue to rise, a survey conducted by the Commonwealth Fund revealed that Americans now gauge candidates based on their health care reforms.

8. There is a lack of sufficient information about the US’s Medicare among Americans

The same Common Wealth Fund report revealed that over 40 percent of respondents didn’t have enough information about public health insurance, while 32 percent of people were opposed to replacing private health insurance options with public insurance.

Only 27 percent were in favor of such an idea, out of which 12 percent were Republicans, and 43 percent were Democrats

9. The Health and Medical Insurance industry is predicted to have a market size of 0.1 trillion USD in the US in 2020

IBIS World delved deep into the health and medical insurance sector in the US. It reported that the market size of the industry, in the US alone, is almost $0.1 trillion! Compared to other financial sectors, this industry was slightly sluggish in its growth.

Ending Remarks

As you can see, there are some promising and some challenging elements regarding health insurance, moving forward. Considering how expensive yet vital healthcare can be, it is essential that you keep up with the recent trends in the industry.

Do you know any other relevant insurance stats that will blow our minds? Let us know.

Read More: https://www.medisupps.com/medicare-supplement