North America Family Floater Health Insurance Market Size Report, 2023-2032
The North America family floater health insurance market size was exhibited at USD 4.65 trillion in 2022 and is projected to hit around USD 6.59 trillion by 2032, growing at a CAGR of 3.55% during the forecast period 2023 to 2032.
Key Takeaways:
North America Family Floater Health Insurance Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 4.82 trillion |
| Market Size by 2032 | USD 6.59 trillion |
| Growth Rate From 2023 to 2032 | CAGR of 3.55% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Plan type, Demographics, Country |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | Cigna; Bupa; Now Health International; Kaiser Foundation Grp; Anthem; Inc. (Now Elevance Health); The IHC Group; Health Partners Group Ltd; Providence Health Plan; Harvard Pilgrim Health Care, Inc.; Sunlife Financial and Manulife |
The increasing cost of healthcare and rising awareness are among the major factors that are leading to the rising demand for health insurance. Moreover, the introduction of new products and technologies in the healthcare sector, promoting the adoption of innovative procedures and marketing strategies by insurance providers to attract more customers, is also driving the growth of the market.
Another element fueling the expansion of the North America family floater health insurance market is the rising prevalence of chronic diseases. Financially, the treatment of chronic illnesses like cancer and heart disease can be very difficult for patients and their families. Hence, a lot of people choose health insurance to avoid the sudden stress of having to pay a large sum of money for hospitals and other medical bills. The CDC estimates that individuals with chronic diseases and mental health disorders are responsible for 90% of the $3.8 trillion annual healthcare costs in the country. The report also notes that a sizeable part of spending on public insurance goes toward treating chronic illnesses.
Also, families are choosing family floater health insurance policies more frequently, which is propelling market expansion. These policies are an affordable way to cover a person's immediate family or extended family under one policy, where the money insured is split among all family members. It is therefore the best choice, especially for nuclear families.
Moreover, an increasing expansion by private players through the launch of new products or policies in the region is also promoting the growth of the market. A high number of individuals in the region are opting for private health insurance for their families despite a significant population being covered under government healthcare schemes. This is to get themselves higher coverage or include treatment procedures that are not covered by government insurance policies.
Type Insights
Based on type, the North America family floater health insurance market was dominated by the private segment in 2022. This is because more people are choosing to purchase private insurance coverage to close the gap, cover ailments, and access services that are not covered by public health care. In the United States, private health insurance remained more common than public insurance, with 66.5% and 34.8% coverage respectively, according to the 2022 Census.
However, with an increased focus on healthcare, the public sector is also experiencing significant growth in the region. According to the U.S. Census 2021 estimates, 7.9% of full-time, year-round workers received public health insurance, which was an increase of 1.8 percentage points from 2020. The number of year-round employees who work fewer than full-time hours and have public insurance rose by 1.6 percentage points to 22.6% over this period.
Plan Type Insights
The plan that covers immediate family members accounted for a higher share of the market in 2022, due to the wide availability of family floater plans for nuclear families or immediate family members. In addition, most insurance companies do not recommend a family floater plan that includes parents aged 60 and above, as there are higher chances that the sum insured may not be enough. Additionally, including dependent parents who are over 60 years would also rack up the premium, as the premium is based on the oldest member of the family covered.
The extended family insurance covers parents and parents-in-law, along with the immediate family members. However, in most cases, it is advisable to purchase an individual plan for senior citizens, as they are more prone to developing chronic diseases. Covering them with an individual plan is highly recommended as family floater may not be sufficient, which will lead to an increase in out-of-pocket spending.
Demographic Insights
The adult segment held the highest market share in 2022, owing to the increasing adoption of family floater plans by young couples. As the family floater plan covers dependent children only up to the age of 18, this plan is mainly purchased by young couples who can seek a cover for themselves and for their dependent children under one umbrella at a lower premium.
Senior adults may also opt for a family floater; however, family floaters are not so popular among senior adults. But they may still purchase a family floater at a higher premium cost because it will still be lower as compared to individual insurance plans for each family member.
Country Insights
The U.S. accounted for the highest market share in 2022 and dominated the North America family floater health insurance market. This is because of the presence of market leaders, and continuous advancements in healthcare technologies that promote various advanced medical procedures in the country. Moreover, higher adoption of health insurance policies in the country to lower the risk and decrease the out-of-pocket spending on healthcare are some of the key factors driving the growth of the market in the region.
Canada is anticipated to undergo significant growth in the forecast period due to the increasing demand for supplementary health insurance plans. This is because these cover healthcare costs that are not covered by public health plans, such as prescription drugs, dental, vision, hospitalization, and other services. With the growing number of insurers in the country, the market is further representing lucrative growth opportunities. According to Canadian Life and Health Insurance Association (CLHIA), currently, Canada is home to more than 128 private health insurance providers.
Key Companies & Market Share Insights
As an attempt to broaden their presence and availability of products, key players in the market are focusing on carrying out various strategies such as partnerships and collaborations, the launch of new products, investments in local insurance companies, etc.
Moreover, companies are entering into partnerships with healthcare professionals and organizations to create awareness regarding various chronic diseases and to create an additional benefit for members. For instance, in February 2023, Providence Health Plan partnered with Interwell Health to drive earlier interventions and education for members with Chronic Kidney Disease. The partnership aims to better coordinate the care of members through Interwell Health's leading network of local nephrologists committed to driving results in new value-based care agreements. Some prominent players in the North America family floater health insurance market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the North America Family Floater Health Insurance market.
By Type
By Plan Type
By Demographics
By Country
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Type
1.1.2. Plan Type
1.1.3. Demographics
1.1.4. Country scope
1.1.5. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. Nova one advisor’s internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.3.5.1. Data for primary interviews in North America
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Premium price
1.6.2. Country wise market estimation using bottom-up approach
. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
1.9.1. Objective 1
1.9.2. Objective 2
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Type Outlook
2.2.2. Plan Type Outlook
2.2.3. Demographic Outlook
2.2.4. Country Outlook
2.3. Competitive Insights
Chapter 3. North America Family Floater Health Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing prevalence of chronic diseases
3.4.1.2. Growing awareness regarding health insurance
3.4.1.3. Rising healthcare costs
3.4.2. Market restraint analysis
3.4.2.1. Limitation on different family floater policies
3.5. North America Family Floater Health Insurance Market Analysis Tools
3.5.1. Industry Analysis - Porter’s
3.5.1.1. Supplier power
3.5.1.2. Buyer power
3.5.1.3. Substitution threat
3.5.1.4. Threat of new entrant
3.5.1.5. Competitive rivalry
3.5.2. PESTEL Analysis
3.5.2.1. Political landscape
3.5.2.2. Technological landscape
3.5.2.3. Economic landscape
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. North America Family Floater Health Insurance: Type Estimates & Trend Analysis
4.1. Definitions and Scope
4.1.1. Public
4.1.2. Private
4.2. Type Market Share, 2023 & 2032
4.3. Segment Dashboard
4.4. North America North America Family Floater Health Insurance Market by Type Outlook
4.5. Market Type & Forecasts and Trend Analyses, 2020 to 2032 for the following
4.5.1. Public
4.5.1.1. Market estimates and forecast, 2020 - 2032
4.5.2. Private
4.5.2.1. Market estimates and forecast, 2020 - 2032
Chapter 5. North America Family Floater Health Insurance: Plan Type Estimates & Trend Analysis
5.1. Definitions and Scope
5.1.1. Immediate Family Members
5.1.2. Extended Family Members
5.2. Plan Type Market Share, 2023 & 2032
5.3. Segment Dashboard
5.4. North America North America Family Floater Health Insurance Market by Plan Type Outlook
5.5. Market Plan Type & Forecasts and Trend Analyses, 2020 to 2032 for the following
5.5.1. Immediate Family Members
5.5.1.1. Market estimates and forecast, 2020 - 2032
5.5.2. Extended Family Members
5.5.2.1. Market estimates and forecast, 2020 - 2032
Chapter 6. North America Family Floater Health Insurance: Demographics Estimates & Trend Analysis
6.1. Definitions and Scope
6.1.1. Adults
6.1.2. Seniors
6.2. Demographics Market Share, 2023 & 2032
6.3. Segment Dashboard
6.4. North America North America Family Floater Health Insurance Market by Demographics Outlook
6.5. Market Type & Forecasts and Trend Analyses, 2020 to 2032 for the following
6.5.1. Adults
6.5.1.1. Market estimates and forecast, 2020 - 2032
6.5.2. Seniors
6.5.2.1. Market estimates and forecast, 2020 - 2032
Chapter 7. North America Family Floater Health Insurance Market: Country Estimates & Trend Analysis
7.1. Country market share analysis, 2023 & 2032
7.2. Country Market Dashboard
7.3. North America Country Market Snapshot
7.4. Country Market Share and Leading Players, 2023
7.4.1. North America
7.5. SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
7.5.1. North America
7.6. Market Service, & Forecasts and Trend Analysis, 2020 to 2032:
7.7. North America
7.7.1. U.S.
7.7.1.1. Market estimates and forecast, 2020 - 2032
7.7.1.2. Northeast
7.7.1.2.1. Market estimates and forecast, 2020 - 2032
7.7.1.3. Midwest
7.7.1.3.1. Market estimates and forecast, 2020 - 2032
7.7.1.4. South
7.7.1.4.1. Market estimates and forecast, 2020 - 2032
7.7.1.5. West
7.7.1.5.1. Market estimates and forecast, 2020 - 2032
7.7.2. Canada
7.7.2.1. Market estimates and forecast, 2020 - 2032
7.7.2.2. Newfoundland and Labrador (NL)
7.7.2.2.1. Market estimates and forecast, 2020 - 2032
7.7.2.3. Prince Edward Island (PE)
7.7.2.3.1. Market estimates and forecast, 2020 - 2032
7.7.2.4. Nova Scotia (NS)
7.7.2.4.1. Market estimates and forecast, 2020 - 2032
7.7.2.5. New Brunswick (NB)
7.7.2.5.1. Market estimates and forecast, 2020 - 2032
7.7.2.6. Quebec (QC)
7.7.2.6.1. Market estimates and forecast, 2020 - 2032
7.7.2.7. Ontario (ON)
7.7.2.7.1. Market estimates and forecast, 2020 - 2032
7.7.2.8. Manitoba (MB)
7.7.2.8.1. Market estimates and forecast, 2020 - 2032
7.7.2.9. Saskatchewan (SK)
7.7.2.9.1. Market estimates and forecast, 2020 - 2032
7.7.2.10. Alberta (AB)
7.7.2.10.1. Market estimates and forecast, 2020 - 2032
7.7.2.11. British Columbia (BC)
7.7.2.11.1. Market estimates and forecast, 2020 - 2032
7.7.2.12. Other (territories)
7.7.2.12.1. Market estimates and forecast, 2020 - 2032
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company/Competition Categorization
8.2.1. Innovators
8.2.2. Market Leaders
8.2.3. Emerging Players
8.3. Vendor Landscape
8.3.1. List of key distributors and channel partners
8.3.2. Key customers
8.3.3. Key company market share analysis, 2023
8.3.4. Cigna
8.3.4.1. Company overview
8.3.4.2. Financial performance
8.3.4.3. Product benchmarking
8.3.4.4. Strategic initiatives
8.3.5. Bupa
8.3.5.1. Company overview
8.3.5.2. Financial performance
8.3.5.3. Product benchmarking
8.3.5.4. Strategic initiatives
8.3.6. Now Health International
8.3.6.1. Company overview
8.3.6.2. Financial performance
8.3.6.3. Product benchmarking
8.3.6.4. Strategic initiatives
8.3.7. Kaiser Foundation Grp
8.3.7.1. Company overview
8.3.7.2. Financial performance
8.3.7.3. Product benchmarking
8.3.7.4. Strategic initiatives
8.3.8. Anthem, Inc. (Now Elevance Health)
8.3.8.1. Company overview
8.3.8.2. Financial performance
8.3.8.3. Product benchmarking
8.3.8.4. Strategic initiatives
8.3.9. The IHC Group
8.3.9.1. Company overview
8.3.9.2. Financial performance
8.3.9.3. Product benchmarking
8.3.9.4. Strategic initiatives
8.3.10. Health Partners Group Ltd
8.3.10.1. Company overview
8.3.10.2. Financial performance
8.3.10.3. Product benchmarking
8.3.10.4. Strategic initiatives
8.3.11. Providence Health Plan
8.3.11.1. Company overview
8.3.11.2. Financial performance
8.3.11.3. Product benchmarking
8.3.11.4. Strategic initiatives
8.3.12. Harvard Pilgrim Health Care, Inc.
8.3.12.1. Company overview
8.3.12.2. Financial performance
8.3.12.3. Product benchmarking
8.3.12.4. Strategic initiatives
8.3.13. Sunlife Financial
8.3.13.1. Company overview
8.3.13.2. Financial performance
8.3.13.3. Product benchmarking
8.3.13.4. Strategic initiatives
8.3.14. Manulife
8.3.14.1. Company overview
8.3.14.2. Financial performance
8.3.14.3. Product benchmarking
8.3.14.4. Strategic initiatives
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers