Health & Medical Insurance in Florida
The Health and Medical Insurance industry in Florida is the third-largest nationwide in terms of written premiums. Over the five years to 2017, the industry has exhibited robust growth following the implementation of the Patient Protection and Affordable Care Act (PPACA), which requires all US citizens to procure health insurance or pay a fine. Additionally, a greater share of Floridians receive coverage from government-sponsored plans like Medicaid and Medicare compared with the national average, exacerbated by the larger fraction of elderly people and impoverished persons living in the state. Despite this growth, Florida still has one of the highest uninsured rates in the country. Nonetheless, the Health and Medical Insurance industry in Florida is forecast to continue growing over the five years to 2022, anchored by rising demand. This demand will be supported by expected rises in disposable income and total health expenditure statewide.
This industry underwrites (i.e. assumes the risks of and assigns premiums for) health and medical insurance policies in Florida. Insurance is the transfer of the risk of a loss in exchange for payment. Operators also provide administrative services for self-funded insurance plans (whereby an employer provides health benefits to workers with its own funds). Under this structure, the industry operator is a third-party administrator and is not responsible for health benefit payments.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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