North America Family Floater Health Insurance Market Worth $5.45 Trillion By 2030

North America Family Floater Health Insurance Market Growth & Trends

The North America family floater health insurance market size is projected to reach USD 5.45 trillion by 2030 to expand at a CAGR of 3.54% from 2023 to 2030. The family floater health insurance plans offer various benefits such as, it covers an entire family under one plan with lower premium. The cover can be availed by any of the enrolled members making it easier to maintain and much cost effective compared to individual health insurance plans.

Increasing number of individuals are opting for family floater health insurance plans in order to protect their families from any unforeseen medical emergency. Family floater plans are ideal for young couples or single parents as in terms of plans that cover older parents, the cover may not be sufficient.

The Covid-19 pandemic led to a significant fall in sales due to rise in unemployment because of disruption in various economic activities. However, this was a short-term effect. In the long run, the pandemic has positively impacted the market by highlighting the need for health insurance in challenging times like this. Moreover, there is a rise in chronic diseases post the pandemic which is further focusing on the importance of health insurance. Increasing efforts by the insurers to create awareness regarding the importance of having an health insurance plan is further driving the sales of family floater health insurance policies.

Development of new innovative policies by the insurers is also promoting the market growth. Insurers in the market are now keenly focusing on developing plans that cover mental illnesses as well. This is due to rise in mental illnesses post the pandemic as a result of the huge amount of stress posed by the pandemic on various individuals. For instance, according to WHO, in the first year of pandemic, global prevalence of anxiety and depression increased by a massive 25%.

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North America Family Floater Health Insurance Market Report Highlights

• Private segment dominated the market with largest revenue share in 2022 owing to large number of people opting for private health insurance in order to avail better healthcare facilities and services.

• Plan that covers Immediate family members segment accounted for highest market share in 2022 owing to wide variety of products available for this segment.

• Adults segment held the higher market share in 2022 due to higher adoption of family floater health insurance policies among individuals of this age group.

• A shift towards online sales like website and aggregators to purchase policies is leading to higher adoption of health insurance plans.

• U.S. dominated the market due to presence of large number of insurers and higher adoption rate among the population.

• China represents lucrative growth opportunities with increasing number of people opting for private health insurance to avail additional benefits covered by these plans.

North America Family Floater Health Insurance Market Segmentation

Grand View Research has segmented the North America family floater health insurance market based on type, plan type, demographics and country:

North America Family Floater Health Insurance Type Outlook (Revenue; USD Billion; 2018 - 2030)

• Public

• Private

North America Family Floater Health Insurance Plan Type Outlook (Revenue; USD Billion; 2018 - 2030)

• Immediate Family Members

• Extended Family Members

North America Family Floater Health Insurance Demographics Outlook (Revenue; USD Billion; 2018 - 2030)

• Adults

• Seniors

North America Family Floater Health Insurance Country Outlook (Revenue; USD Billion; 2018 - 2030) 

• U.S.

  • Northeast

  • Midwest

  • South

  • West

• Canada

  • Newfoundland and Labrador (NL)

  • Prince Edward Island (PE)

  • Nova Scotia (NS)

  • New Brunswick (NB)

  • Quebec (QC)

  • Ontario (ON)

  • Manitoba (MB)

  • Saskatchewan (SK)

  • Alberta (AB)

  • British Columbia (BC)

  • Other (territories)

List of Key Players in North America Family Floater Health Insurance Market

• Cigna

• Bupa

• Now Health International

• Kaiser Foundation Grp

• Anthem, Inc. (Now Elevance Health)

• The IHC Group

• Health Partners Group Ltd

• Providence Health Plan

• Harvard Pilgrim Health Care, Inc.

• Sunlife Financial

• Manulife