Medical Health Insurance Market Share

There is no question that individual Americans and the U.S. government spend more on health insurance per person and as a percentage of gross domestic product (GDP) than any country in the world .This has increased the market share for medical health insurance.

Measured in 2001, U.S. health care spending as a percentage of GDP was almost 14 percent. Switzerland followed at 11.1 percent and Germany at 10.7 percent. All other countries fell below 10 percent. Even Canada spent only 57 percent as much as the U.S. Health spending rose to 14.9 percent in the U.S. in 2002.

Comparing Market Share of Medical Health Insurance in US

When comparing health insurance spending in the U.S. , it is important to understand the difference between national health care spending and private health care expenses. When national figures are calculated and compared with other countries, they include both managed care spending such as Medicare and Medicaid, and other government health as well as household and employer expenditures on health care. These latter two are better measured by percentage of market share of medical health insurance.

In 2002 the U.S. General Accounting Office sent the Senate a report that outlined the market share of small group health insurance in 34 states. The report showed that the largest medical health insurance carrier in each state held an average of 33 percent of the market share across the states. The five largest carriers combined represented 19 percent of the market in all states reported. Blue Cross Blue Shield was the number one carrier in 25 of the 34 states.

Rising hospital costs and health insurance premiums are major forces behind the rise in spending. On the other hand, prescription drug spending decreased in 2003 due to the larger availability of generic prescription drugs and higher co-pays required by health insurance plans. In response, overall health spending by individuals and employers began to slow in 2003 as more people paid out of pocket for expenses rather than pay higher premiums.

Health Insurance Nexus | US : The US Health Insurance Resource, conceptualized in Dec, 2004, is an online portal which provides up-to-date, pertinent information about health insurance in US. Copyright @2005 Honlyn Limited All Rights Reserved

In no event shall Health Insurance Matters be liable to anyone for any inaccuracies, errors or omissions with respect to the information for any damage arising therefrom or occasioned thereby, or for the results obtained from the use of the information. By accessing this site , you are agreeing to the terms of use .