U.S. Medicare Supplement Health Insurance Market Worth $39.26 Billion By 2030

U.S. Medicare Supplement Health Insurance Market Growth & Trends

The U.S. medicare supplement health insurance market size is projected to reach USD 39.26 billion by 2030, expanding at a CAGR of 5.00% over the forecast period, according to Grand View Research, Inc. Due to the advent of technology in insurance processing, the market is anticipated to witness growth significantly. Payment operations are now completed more quickly because of the advancements in communication networks and computing power. Online platforms allow for the quicker processing of insurance claims. Comparison websites allow you to compare different insurance products.   

More attention is being paid to insurtech, which is essentially the technological advancement utilization to reduce costs and increase efficiency in the present insurance sector paradigm. By adopting a variety of technologies, including data analysis, IoT, and AI, insurtech enables products to be priced more affordably. Effective claim processing, risk assessment, contract processing, and policy underwriting are all possible with insurtech. Hence, it is projected that the market expansion will be aided by private players' growing reliance on technological developments to streamline and expedite the entire claim settlement process.

On the other hand, challenges such as lack of awareness about the medicare supplement health insurance among individuals are limiting the growth of the market. Nonetheless, increasing efforts by private companies to improve public awareness of the Medicare Supplement Health Insurance Plan are anticipated to increase this awareness among people and boost plan sales over the projection period.

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U.S. Medicare Supplement Health Insurance Market Report Highlights

• The Individuals aged 65 or over dominated the market in 2022 with the highest market share owing to a large number of individuals opting for medigap from this category

• The individuals aged under 65 with an eligible disability segment is anticipated to experience significant growth over the forecast period due to rising disability cases among the younger population in the country

• The agents segment accounted for the highest market share in 2022 as maximum sales are achieved through this sales channel

• A shift towards online sales to purchase policies is leading to maximum growth of the website segment

• South U.S. region dominated the market due to the widespread insured population in the region

• The West region is expected to undergo maximum growth due to the rise in healthcare spending in states like California

U.S. Medicare Supplement Health Insurance Market Segmentation

Grand View Research has segmented the U.S. medicare supplement health insurance market based on demographic, sales channel, and region:

Medicare Supplement Health Insurance Demographic Outlook (Revenue, USD Billion, 2018 - 2030)

• Individuals Aged 65 or Older

• Individuals Aged Under 65 with an Eligible Disability

Medicare Supplement Health Insurance Sales Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Agents

• Brokers

• Website

• Others

Medicare Supplement Health Insurance Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• U.S.

  • Northeast

    • Connecticut

    • Massachusetts

    • Pennsylvania

    • New Jersey

    • New York

    • Others

      • New Hampshire

      • Rhode Island

      • Vermont

      • Maine

  • Midwest

    • Illinois

    • Indiana

    • Michigan

    • Ohio

    • Wisconsin

    • Iowa

    • Kansas

    • Minnesota

    • Missouri

    • Nebraska

    • Others

    • North Dakota

    • South Dakota

  • South

    • Arizona          

    • Colorado        

    • Nevada          

    • Utah   

    • California       

    • Oregon           

    • Washington   

    • Others

    • Idaho

    • Montana

    • New Mexico

    • Wyoming

    • Alaska

    • Hawaii

  • West

    • Florida

    • Georgia

    • Maryland

    • North Carolina

    • South Carolina

    • Virginia

    • Alabama

    • Kentucky

    • Tennessee

    • Louisiana

    • Oklahoma

    • Texas

    • Others

      • Delaware

      • West Virginia

      • Mississippi

      • Arkansas

List of Key Players in the U.S. Medicare Supplement Health Insurance Market

• Cigna Health & Life Insurance Company

• Anthem Blue Cross

• United Healthcare Insurance Company

• Mutual of Omaha

• Humana

• State Farm Mutual Automobile Insurance Company

• National Health Insurance Company

• United American Insurance Company

• Washington National Insurance Company

• Everence Association, Inc.