Press Release
Press Release
According to a new report by EMR titled, ‘The United States Ancillary Insurance Market Report and Forecast 2024-2032’, the market for ancillary insurance in the US is expected to grow at a CAGR of 9.2% in the forecast period of 2024 and 2032. The market is driven by the growing healthcare expenditure in the country.
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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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.
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:
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Breakup by Type |
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Breakup by Product Type |
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Breakup by Demographics |
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Breakup by End User |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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