According to FutureWise analysis, the market for U.S. Supplemental Health is expected to grow with a CAGR of 5.70% over the forecast period 2024-2032, and reach a market value of US$ 56.2 billion by 2031.
U.S. supplemental health insurance, also known as "Medigap", is a private health insurance that helps cover the costs that Original Medicare (Part A and Part B) does not cover. Medigap policies are offered by private insurance corporations and are standardized by the federal government, which means that the benefits are the same regardless of which insurance company you choose. These policies help pay for some of the out-of-pocket costs of Medicare, such as copayments, coinsurance, and deductibles. These can also include policies that provide additional coverage for specific conditions, such as cancer or critical illness insurance, as well as policies that provide a cash benefit in the case of hospitalization or disability.
U.S. Supplemental Health insurance is used in different applications to provide additional coverage beyond what traditional health insurance plans offer. Critical Illness Insurance, for instance, offers a lump-sum payout in case of a serious illness diagnosis, helping policyholders cover expenses that may not be fully covered by their primary health insurance. Accident Insurance provides financial support in case of unexpected injuries, covering costs associated with medical treatment, rehabilitation, and other related expenses. Furthermore, Hospital Indemnity Insurance serves as a safety net by providing fixed cash benefits for hospital stays, which can be used to offset out-of-pocket costs or even cover everyday expenses during recovery. Also, Worksite Life insurance offers an added layer of protection by providing a death benefit to beneficiaries in the unfortunate event of the policyholder's passing. This can offer peace of mind to individuals who want to ensure their loved ones are financially secure in such a circumstance.
FutureWise Market Research has published a report that provides an insightful analysis U.S. supplemental health market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts U.S. supplemental health market estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.