Health & Medical Insurance in Illinois
In Illinois, the Health and Medical Insurance industry has had a strong five-year period. As disposable income and employment have risen in the state, so has demand for and access to private health insurance. Growth has also been supported by the Patient Protection and Affordable Care Act (PPACA), which has greatly expanded access to both private and government insurance throughout the country. A crucial driver for the Health and Medical Insurance industry in Illinois is disposable income because an increase in disposable income gives more people the ability to purchase health plans. While rising disposable income does give people the ability to pay out of pocket for healthcare services, increased income also enables individuals to purchase healthcare plans with higher premiums and better coverage. Despite a strong five-year period, industry revenue growth is expected to slow over the next five years. However, this trend is consistent for health insurers throughout the country because the effects of the PPACA are likely to slow over the next five years.
This industry underwrites (i.e. assumes the risks of and assigns premiums for) health and medical insurance policies. 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.