U.S. Family Floater Health Insurance Market By Type (Public, Private), By Household Relations (Married Couple Family, Unmarried Female Reference Person), By Income-to-Poverty Ratio, By Region, And Segment Forecasts, 2023 - 2030

U.S. Family Floater Health Insurance Market By Type (Public, Private), By Household Relations (Married Couple Family, Unmarried Female Reference Person), By Income-to-Poverty Ratio, By Region, And Segment Forecasts, 2023 - 2030

U.S. Family Floater Health Insurance Market Growth & Trends

The U.S. family floater health insurance market size is projected to reach USD 5.43 trillion by 2030, expanding at a CAGR of 3.54% during the forecast period, according to a report by Grand View Research, Inc. The market for family floater health insurance is projected to reach new heights because of the increase in small businesses and technological advancements in the insurance sector. Also, several family floater health insurers gather a range of data using predictive analytics to completely comprehend the client's medical history. The use of technology is intended to foster customer loyalty and strengthen the company's position in the market by providing cutting-edge services, such as quick and convenient insurance plans with lower premium rates.

The COVID-19 pandemic brought a sharp focus on the need for healthcare reforms that promote universal access to affordable care. The rise in demand for health insurance was due to the increased awareness about health insurance policies and how it can cut down the overall burden to pay huge amounts of bills on healthcare services led to increased adoption post the covid-19 outbreak.

In addition, the COVID-19 pandemic has also led to a rise in the prevalence of mental illnesses.Isolation, fears of contracting the virus, and economic uncertainty have contributed to a growing mental health crisis. For instance, according to WHO, in the first year of the pandemic, the global prevalence of anxiety and depression increased by a massive 25%, Thus, this has highlighted the need to focus on mental health. Therefore, insurers are now focusing on developing products that can also cover mental illnesses representing lucrative growth opportunities for the U.S. family floater health insurance market.

U.S. Family Floater Health Insurance Market Report Highlights

• The private segment dominated the market with the largest revenue share in 2022 owing to a large number of people opting for private health insurance to avail better healthcare facilities and services
• Married couple family segment accounted for the highest revenue share in 2022 owing to the presence of a large number of married couples opting for family health insurance in the country
• Unmarried female reference person segment is expected to witness maximum growth over the forecast period owing to the rising number of single mothers in the country
• At or above 400 percent of poverty segment held the highest share as affordability plays an important role in purchasing health insurance
• South U.S. region dominated the market due to the widespread presence of insured population in the region

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