by Freedonia Focus Reports Team
May 17, 2023
Medicare growth among strongest as population ages
Cleveland, OH, May 17, 2023 — The US insured population is projected to grow 0.4% annually through 2027, according to Healthcare Insurance: United States, a report recently released by Freedonia Focus Reports.
In value terms, the US healthcare insurance industry is forecast to generate revenue gains of 8.3% per year in nominal dollars over that span. The uninsured population is expected to increase 1.8% annually to 2027, while the percentage of uninsured individuals is projected to rise to 9.2% that year. Reasons for the increase include tightened Medicaid eligibility rules by some states and the repeal of the penalty associated with the individual mandate to carry healthcare insurance. Notably, any changes the federal government and/or the states make to the Patient Protection and Affordable Care Act (ACA) or other healthcare insurance programs could result in changes in the number of covered persons.
The number of individuals with private healthcare insurance is forecast to rise 0.3% annually to 2027. Employer-sponsored plans are not expected to see further gains due to the strong state of the economy in 2022 and the ongoing retirement of older workers, which is leading to growth in Medicare enrollment. Direct purchase enrollment is projected to rise 2.4% annually over the forecast period as consumers become increasingly comfortable using the ACA’s Healthcare Insurance Marketplace, transparency around plan coverage details continues to improve, and the government adjusts subsidies to fit the needs of more enrollees.
Medicare enrollment is forecast to expand 2.4% annually through 2027, outpacing gains in Medicaid and private healthcare insurance. The number of persons 65 years of age and older is projected to rise 3.1% per year between 2022 and 2027, 6.2 times as fast as the average for the total population.
These and other key insights are featured in Healthcare Insurance: United States. This report forecasts to 2023 and 2027 US healthcare insurance coverage in terms of number of persons insured and uninsured, and healthcare insurance revenues in nominal US dollars. Healthcare insurance coverage is segmented by type in terms of:
To illustrate historical trends, healthcare insurance coverage, healthcare insurance revenues, and the various coverage segments are provided in annual series from 2012 to 2022.
Because a person’s healthcare insurance coverage may include more than one type of plan at one point in time and/or different types during a calendar year, double counting occurs.
This report includes the results of a proprietary national online consumer survey of US adults (age 18+). This Freedonia Focus Reports National Online Consumer Survey has a sample size of approximately 2,000, screened for response quality, and representative of the US population on the demographic measures of age, gender, geographic region, race/ethnicity, household income, and the presence/absence of children in the household.
More information about the report is available at:
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