About Supplemental Health Insurance
Supplemental health insurance is additional insurance that can cover some out-of-pocket expenses such as copayments, coinsurance, and deductibles that primary health insurance plans don’t pay. It is a type of health insurance policy sold by private insurance companies to complement Medicare policies. This insurance covers common gaps in medicare's standard insurance plans. The factors such as the High Benefits of Supplemental Health Insurance and Increased Promotional Activities by Insurance Companies are driving the global supplemental health insurance market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Supplemental Health Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aetna Inc. (United States), Anthem, Inc. (United States), Bankers Fidelity Life Insurance Company (United States), Bupa (United Kingdom), Chubb Limited (United States), Cigna (United States), DKV Luxembourg SA (Luxembourg), Everest Re Group, Ltd. (Bermuda), Humana Inc. (United States), ManhattanLife (United States), MetLife, Inc. (United States), Mutual of Omaha (United States), Nationwide Mutual Insurance Company (United States), State Farm (United States), Transamerica Corporation (United States), United American Insurance Company (United States) and United HealthCare Service LLC (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Supplemental Health Insurance market by Type (Critical Illness Insurance, Dental insurance, Vision Insurance Plans, Accident Insurance, Cancer Policies, Hospital Insurance, Disability Insurance, Long-Term Care Insurance and Others) and Region.
On the basis of geography, the market of Supplemental Health Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Agency will boost the Supplemental Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Age Group, the sub-segment i.e. Minors will boost the Supplemental Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Awareness among People about Health Insurance
Market Growth Drivers:
High Benefits of Supplemental Health Insurance and Increased Promotional Activities by Insurance Companies
Challenges:
Less Awareness in Developing Countries
Restraints:
Supplemental Health Insurance has Coverage Limits and Supplemental Health Insurance Adds Additional Expenses
Opportunities:
Growing Demand from End-users, Growth in the Insurance Sector and Increased Penetration of the Internet
In September 2020, Cigna Corporation has announced the launch of Evernorth, a new brand for its growing, high-performing health services portfolio. Evernorth will accelerate the delivery of innovative and flexible solutions to meet the diverse needs of health plans, employers, and government organizations.
Key Target Audience
Supplemental Health Insurance Providers, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.