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Hispanics and Healthcare - US - August 2015

Hispanics and Healthcare - US - August 2015

"Living a healthy life is top of mind for Hispanics; however, they feel that they are healthy, which reduces their motivation to proactively make significant changes in the way they live. While they see value in health insurance, financial constraints also limit the access that less-affluent Hispanics have to health insurance. Moreover, while having insurance gives Hispanics peace of mind, it is not a driver for them to consult with healthcare professionals unless it is really necessary."

- Juan Ruiz, Senior Multicultural Analyst

This report covers the following areas:

Hispanics consider themselves healthy
Less-affluent Hispanics more likely to be uninsured
Insurance is a complex product that needs to be explained


OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
Hispanics’ expenditures on healthcare projected to grow moderately
Figure 1: Total Hispanic expenditures and fan chart forecast on healthcare, at current prices, 2010-20
The issues
Figure 2: Hispanics’ perception of overall health, by age, June 2015
Figure 3: Health insurance coverage among Hispanics, by household income, June 2015
Figure 4: Insured Hispanics’ understanding of health insurance, by household income, June 2015
The opportunities
Figure 5: Hispanic share of US population, by generation, 2015
What it means
THE MARKET
What you need to know
Hispanics spend $39.1 billion on healthcare in 2015
Aging Hispanic Millennials set to impact future spending
Walk-in clinics convenient for Hispanics
Market size and forecast
Hispanics’ expenditures on healthcare projected to grow moderately
Figure 6: Total Hispanic expenditures and fan chart forecast of healthcare, at current prices, 2010-20
Figure 7: Total Hispanic expenditures and forecast of health care, at current prices, 2010-20
Market breakdown
Health insurance premiums account for more than half of expenditures on healthcare
Figure 8: Share of Hispanic healthcare expenditures, by segment, 2015
Hispanics’ expenditures on health insurance with a positive outlook
Figure 9: Total Hispanic expenditures and fan chart forecast of health insurance, at current prices, 2010-20
Hispanics’ expenditures on out-of-pocket healthcare to remain flat
Figure 10: Total Hispanic expenditures and fan chart forecast of out-of-pocket health care, at current prices, 2010-20
Market perspective
The ACA continues to impact this market
The proliferation of walk-in clinics
Market factors
Hispanics’ purchasing power projected to reach $1.7 trillion by 2019
Figure 11: Purchasing power, by race/Hispanic origin, 1990-2019
Improving labor market for Hispanics may have a positive impact on Hispanics’ approach to healthcare
Figure 12: Hispanic labor force participation and unemployment rate, January 2007-April 2015
Millennials are aging
Figure 13: Hispanic share of US population, by generation, 2015
KEY PLAYERS
What you need to know
Hispanics less likely to have employer-sponsored health insurance
Spanish-dominant Hispanics looking outside traditional insurance providers
What’s working?
Engaging Hispanics to achieve a healthier lifestyle
Offering education and support
Figure 14: Health, wellness, prevention information from aetna, June 2014
Reviewing coverage
Figure 15: Humana print ad about general health insurance, January 2015
What needs a check-up?
Making things more complex than they have to be
Not providing Hispanics with traditional touch-points
What’s next?
With more competition, greater differentiation will be needed
Younger Hispanics less expensive to insure
THE CONSUMER
What you need to know
Hispanics feel healthy
Health insurance is worth the money, with caveats…
Hispanics not fans of visiting healthcare providers
Hispanics’ perception of overall health
Hispanics see themselves healthy
Figure 16: Hispanics’ perception of overall health, by age, June 2015
Hispanics see themselves overweight
Figure 17: Hispanics’ perception of weight – Overweight-right weight ratio, by household income, June 2015
Being overweight not a big issue for most Hispanics
Figure 18: Hispanics’ perception of overall health, by perception of weight, June 2015
Hispanics’ attitudes toward living healthy
Hispanics not taking good health for granted
Figure 19: Hispanics’ attitudes toward living healthy, June 2015
Health information sources
Not all family and friends are created equal
Figure 20: Information sources about healthcare that Hispanics use, June 2015
Television shows more influential among less-acculturated Hispanics
Figure 21: Information sources about healthcare that Hispanics use – Television shows, June 2015
Contributors to healthy living
Hispanics base healthy living on three pillars
Figure 22: Factors Hispanics believe contribute to healthy living for them, June 2015
Health insurance coverage
Household income a determinant factor to have health insurance coverage
Figure 23: Health insurance coverage among Hispanics, by household income, June 2015
Hispanics less likely to have employer-sponsored health insurance
Figure 24: Types of health insurance Hispanics own, June 2015
Other health insurance coverage
Vision and dental insurance not a priority among Hispanics
Figure 25: Hispanics’ ownership of dental and vision insurance, by household income, June 2015
Health insurance companies
Hispanics’ insurance market more competitive among Hispanics
Figure 26: Health insurance companies used, by Hispanic origin, February 2014 – March 2015
Important factors when choosing health insurance
Coverage may be starting point with Hispanics
Figure 27: Important factors for Hispanics when choosing health insurance, June 2015
Hispanics’ attitudes toward health insurance
Trust in health insurance greater among more affluent Hispanics
Figure 28: Hispanics’ attitudes toward health insurance – Trust, by household income, June 2015
For Hispanics health insurance is worth the cost
Figure 29: Hispanics’ attitudes toward health insurance – Cost and value, by household income, June 2015
Healthcare professionals visited
Hispanics less likely to visit healthcare professionals
Figure 30: Healthcare professionals Hispanics visited in the past 12 months, February 2014 – March 2015
Hispanics’ attitudes toward healthcare professionals
Doctors’ appeal increases with age
Figure 31: Hispanics’ attitudes toward healthcare professionals, February 2014 – March 2015
APPENDIX
Data sources and abbreviations
Data sources
Fan chart forecast
Abbreviations and terms
A note on acculturation
Market
Figure 32: Total Hispanic expenditures and forecast of health care, at inflation-adjusted prices, 2010-20
Figure 33: Total Hispanic expenditures and forecast of health care, by segment, at current prices, 2010-20
Figure 34: Total Hispanic expenditures and forecast on health insurance, at current prices, 2010-20
Figure 35: Total Hispanic expenditures and forecast of health insurance, at inflation-adjusted prices, 2010-20
Figure 36: Total Hispanic expenditures and forecast of out-of-pocket healthcare, at current prices, 2010-20
Figure 37: Total Hispanic expenditures and forecast of out-of-pocket healthcare, at inflation-adjusted prices, 2010-20
Consumer
Figure 38: Health insurance companies Hispanics use, by age, February 2014-March 2015
Figure 39: Health insurance companies Hispanics use, by household income, February 2014-March 2015
Figure 40: Health insurance companies Hispanics use, by language spoken at home, February 2014-March 2015
Figure 41: Healthcare professionals Hispanics visited in the past 12 months, by age, February 2014 – March 2015
Figure 42: Healthcare professionals Hispanics visited in the past 12 months, by household income, February 2014-March 2015
Figure 43: Healthcare professionals Hispanics visited in the past 12 months, by language spoken at home, February 2014-March 2015
RESEARCH METHODOLOGY
US Research Methodology
Consumer research
Social Media Research
Trade research
Statistical Forecasting

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