The global Health Insurance Market size is projected to reach USD 86495 Million by 2026, from USD 22238 million in 2020, at a CAGR of 25.6% during 2021-2026.
The Major Players in the market include, Anthem, UnitedHealth Group, DKV, BUPA, Kaiser Permanente, Aetna Inc., PICC, PingAn, Kunlun
The Insurance Regulatory and Development Authority of India (IRDAI) issued three new guidelines in June 2020 to insurers offering health insurance products. These guidelines require insurance companies to make three changes in their policies and functioning to make health insurance more consumer-friendly. The changes are:
- Standardisation of important product clauses in their policies so that customers can understand them easily and can compare products across insurers.
2. Ensuring insurance coverage for telemedicine, which is important in these times of physical distancing.
3. To provide more rational and customer-friendly claim deductions.
Changes in 2020-
- As recorded for the very first time in history, the policyholders can pay health insurance premiums installments. This will make the potential policyholders happy as they can now pay premiums monthly, quarterly, or half-yearly. But with monthly or quarterly payments, they will get a lesser free-look period than in case of yearly premiums. IRDAI has asked the insurers to specify pre-existing diseases that won’t be covered up to a maximum of 4 years from the date of inception of the policy. The customers can now declare any disease diagnosed up to three months from the date of policy purchase.
- It is now allowed for the health insurance providers to increase the maximum age limit specified in health insurance plans which usually was 65 years. The insurance company has to inform IRDAI through a certificate about the change.
- An increasing number of COVID-19 cases are being reported every day in India and the situation is getting worse with the shortage of beds in the hospitals. Despite various efforts by the Government, the problem of shortage of hospital beds is not getting resolved and thus there have been various incidents of private hospitals denying admission to COVID-19 patients. Thus, in these turbulent times, HDFC Ergo General Insurance has introduced “Home Care Expenses Benefits” as a part of its ‘Stay Home, Stay Safe’ initiative to fight against the COVID-19 crisis. The “Home Care Expenses Benefit” will cover the medical expenses for COVID-19 treatment taken at home between July 01, 2020 and September 30, 2020 at no extra cost. The hospitalisation or home treatment must start within this time period.
Anthem Blue Cross (Anthem) is introducing a new health plan for 2021 option designed specifically to meet the evolving healthcare needs of Bay Area businesses and their employees. Anthem’s Blue Connection is an affordable network designed to improve health outcomes, deliver a better member experience and help lower healthcare costs. “Blue Connection provides members with a more engaging way to access the healthcare delivery system that is both simple and affordable. They’re committed to improving lives and communities by providing access to affordable healthcare, and they are excited to tailor this to the specific needs of businesses and consumers in the greater San Francisco Bay Area.
UnitedHealth Group announced commitments in June 2020 to support Mr. Floyd’s family, help Minneapolis-St. Paul businesses rebuild and fund efforts to advance equity and inclusivity in the Twin Cities community. As part of those ongoing efforts, UnitedHealth Group has announced grant partnerships with five local nonprofit organizations like Lake Street Council, Minnesota Community Care, Neighbors United Funding Collaborative, West Broadway Business & Area Coalition/Northside Funders, and Heart of America.
Based on type, the health insurance market is segmented into products and solutions. Based on application it has been Personal and Enterprise. By region it includes North America, Europe, Asia-Pacific and Middle East & Africa. Among these Asia-Pacific is expected to grow at the highest rate during the forecast period in the health insurance market. This has done due to the availability of expensive health facilities and increase in demand for health insurance policies in high populous countries such as India and China. The availability of low- and middle-class economy.