The necessity of having a well-planned beneficial health insurance plan is rising with each passing day, especially in a post-Covid world where humans are way too startled with what more to expect in the future regarding health conditions. Essentially the health insurance market is in itself worth 17440 USD and has an incredibly high CAGR of about 25+ %. But what about health conditions that are not covered by your traditional insurance plan? Rarest of rare diseases are springing up these days due to unhealthy lifestyles and genetic factors and they can be inflicted on anyone any day.
It is the cases like these that justify the necessity of supplemental health insurance.
Supplemental health insurance refers to the insurance plan which covers beyond the usual health expenses and policies in case critical diseases befall a person.
The supplemental health insurance plan is usually chosen based and can be long-term or short-term depending on what you choose it to be for yourself or your family. Some instances of beyond-the-normal healthcare expenses diseases and disorders covered by a supplemental health insurance plan can be cancer, accident or accidental death policies, disability, critical diseases or vision loss, and so on.
The amount covered by a supplemental health insurance policy depends on the plan chosen by the person and the benefits of these supplemental health insurance plans can also be reaped by either the patient or the caregiver depending on a choice basis.
Some of the key dominating names in the supplemental health insurance market today include Anthem Blue Cross, Bankers Fidelity, Aetna, AARP by United Healthcare, Humana, Cigna, AXIS, Mutual of Omaha, Manhattan Life, Transamerica, and State Farm, etc.
As already mentioned, supplemental health insurance provides coverage for out-of-pocket expenses for the sake of healthcare and thus there are some key driving forces of this million-dollar worth market. Increasing promotional activities by the respective insurance companies to let more and more people know about supplemental health insurance plans is one of the most important driving factors behind it. An increasing number of critical diseases and more awareness in the minds of global citizens is other major factor.
Delving into market segmentation, the supplemental health insurance market can be divided on the basis of product types, and end-use applications.
Based on product type, supplemental health insurance can be segmented into critical illness, accident, hospital, long-term care, and disability insurance. While depending on end-use applications, it can be divided into agencies, brokers, digital channels, etc.
The regional segmentation of the supplemental health insurance market has been so far mapped into the areas of North America, Asia Pacific, Africa, the Middle East, Europe, and Latin America.
The devastating and fatal pandemic has increased the awareness of supplemental health insurance. A significant range of demands from the end-users of supplemental health insurance, a generic large-scale growth in the insurance market, and an uplifted penetration of social media and the internet en masse are the factors that certainly induce in people a desire to fear for their lives and invest in supplemental health insurance policies for critical diseases.
