Ancillary insurance serves as supplementary health insurance, addressing miscellaneous medical expenses accrued during hospital stays. This coverage includes items like ambulance services, blood, medications, and medical supplies such as bandages to name a few. Ancillary insurance is usually obtained alongside major medical insurance, which supports the United States ancillary insurance market. The United States has one of the most expensive medical systems in the world. In 2022, healthcare spending in the United States amounted to USD 4.5 trillion, with an average of USD 13,493 per person.
Ancillary insurance encompasses various types, notably vision, dental, and hearing care, among others, which are popular in the United States. These plans typically cover only a portion of associated costs. Vision insurance often includes eye exams, contact lenses, and eyeglasses, while dental insurance covers preventive care and accidental damage. Though less common, hearing insurance can be beneficial, especially for older workers prone to hearing loss.
Corporations and small organizations are leading the US ancillary insurance market and are expected to continue driving growth. Early detection of chronic illnesses reduces healthcare costs and productivity losses for employers. Ancillary benefits play a crucial role in employee recruitment, retention, and overall well-being, giving companies a competitive edge in the labour market. Offering unique advantages distinguishes employers and fosters loyalty among employees, further contributing to the market expansion and workforce productivity.
In August 2023, Aflac, a leading provider of supplemental health insurance in the US, introduced an enhanced version of its Aflac Individual Short-Term Disability Insurance. The aim was to assist employers in adapting to the evolving needs of their employees amidst ongoing pandemic and economic uncertainties.
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Market Breakup by Type, Product Type, Demographics, and End User:
- The market is segmented based on type into vision care, dental care, and hearing care, among others.
- Based on product type, the market can be bifurcated into anticipated loss ratio and medical loss ratio.
- Based on demographics, the market is divided into senior citizens, adults, and minors.
- By end user, the market is divided into individuals and corporates.
Key Findings of the Report:
- The increasing health awareness among people, growing demand for preventative medical services, and the increasing health issues globally due to sedentary lifestyles are driving the market for ancillary insurance in the US.
- Ancillary benefits complement primary insurance by filling gaps in coverage, enabling patients to afford medical services.
- The high cost of living and the constantly growing medical bills are the key factors propelling the market growth.
Key Offerings of the Report:
- The EMR report gives an overview of the United States ancillary insurance market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, product type, demographics, and end user of ancillary insurance.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the United States ancillary insurance market are Aflac Incorporated, Ameritas Mutual Holding Company, Aetena Inc., Metlife Services and Solutions, LLC, Manhattan Life Group Inc., Humana Inc., The Guardian Life Insurance Company of America, and Nationwide, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Key Highlights of the Report
| REPORT FEATURES |
DETAILS |
| Base Year |
2023 |
| Historical Period |
2018-2023 |
| Forecast Period |
2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
- Type
- Product Type
- Demographics
- End User
|
| Breakup by Type |
- Vision Care
- Dental Care
- Hearing Care
- Others
|
| Breakup by Product Type |
- Anticipated Loss Ratio
- Medical Loss Ratio
|
| Breakup by Demographics |
- Senior Citizens
- Adults
- Minors
|
| Breakup by End User |
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- Aflac Incorporated
- Ameritas Mutual Holding Company
- Aetena Inc.
- Metlife Services and Solutions, LLC
- Manhattan Life Group Inc.
- Humana Inc.
- The Guardian Life Insurance Company of America
- Nationwide
- Others
|
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