Ottawa, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The global healthcare discount plan market size accounted for USD 22.9 billion in 2023, According to Precedence Research. North America led the market with the largest market share of 30% in 2022.
A segment of the healthcare market known as the healthcare discount plan market gives individuals access to discounted prices for a variety of medical services, including doctor visits, dental work, prescription medicines, and other costs associated with their health. These programs, which are membership-based, offer individuals and families discounted rates for healthcare services when they pay directly to healthcare providers or pharmacies. They are often not insurance policies. Consumers seek cost transparency as they become more knowledgeable and conscious of their healthcare options. Discount plans frequently offer transparent price systems, enabling people to make informed decisions on their healthcare spending.
The integration of digital technology has made it easier for consumers to find and sign up for healthcare discount plans online, further driving their popularity.
Several key trends are propelling the healthcare discount plan market. The COVID-19 pandemic accelerated the adoption of telehealth services. Healthcare discount plans increasingly include telehealth options, providing members with convenient virtual consultations. Companies are incorporating healthcare discount plans into their employee wellness programs as a cost-effective way to promote employee health and reduce healthcare expenditures.
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Growth Factors:
- The market growth is being boosted by increased collaboration between healthcare payers, insurance providers, and care providers to cut costs and expenses and improve patient experience and quality of care.
- Health discount plans are being quickly embraced by customers due to rising healthcare expenditures. For example, the United States spent an anticipated $12,555 per person on healthcare in 2022, the largest among OECD nations. Healthcare bundled payments benefit patients, payers, and providers, yet consumers cannot fully exploit them.
- A wide range of healthcare discount options are being developed in the private health sector to spur demand for futuristic health plans. For instance, members of Coverdell enjoy hearing aid discounts between 10% and 20% and coverage through a nationwide network of professional audiologists. Members receive a 40%–55% discount on the typical LASIK treatment cost.
Key Insights:
- Asia Pacific is expected to witness the fastest growth during the forecast period.
- By Service, the virtual visits segment is anticipated to show noticeable growth.
- By Application, the adaptive cruise control segment contributed the largest market share in 2022.
- By Application, the antilock braking segment is anticipated to expand at the fastest CAGR from 2023 to 2032.
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Regional Snapshot:
In 2022, North America dominated the healthcare discount plan market. The need for healthcare services has increased due to North America's aging population. Healthcare discount programs cater to seniors' requirements because they frequently need specialized care and frequent medical attention. The demand for these plans is further flourished by this demographic transition. Healthcare discount plans are becoming more popular among employers as a more affordable option to regular health insurance. Employers can help employees save money while controlling healthcare costs by including these programs in their benefits package.
Consumers are better informed about their healthcare options due to the internet and the simplicity of information exchange. Healthcare discount plans are becoming more widely recognized as workable options due to their active search for methods to lower healthcare costs. In North America, variety of services covered has increased as healthcare discount plan providers have grown their network of participating providers. This growth increases the appeal of these plans to consumers.
Report Highlights:
- By Service, the other service segment carries the largest share of the market. The availability of healthcare discount plans and the possible cost reductions have increased consumer awareness, encouraging their uptake. In an effort to reduce their out-of-pocket costs, many people are actively looking for these policies. The COVID-19 epidemic drove the introduction of telemedicine and remote patient monitoring. These technologies frequently call for particular medical equipment and tests, encouraging growth in these fields. For instance, Careington provides dental and vision telemedicine plans at a monthly package of $12.95
- By Application, the hospitals segment dominated the market in 2022. Healthcare utilization rises as a result of demographic changes like an aging population. Hospitals expand their facilities in response, which increases demand for discount plans to control the rising healthcare expenditures brought on by an aging population. People are being encouraged to take control of their healthcare decisions through the rise of healthcare consumerism.
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Healthcare Discount Plan Market Scope
| Report Coverage | Details | |
| Market Size in 2023 | USD 22.9 Billion | |
| Market Size in 2032 | USD 80.56 Billion | |
| Growth Rate from 2023 to 2032 | CAGR 15% | |
| North America Share | 30% | |
| Fastest Growing Region | Asia Pacific | |
Market Dynamics:
Driver:
Rising emphasis on the integration of health insurance to fill the gap
The large number of people who lack adequate insurance is another factor fuelling the market for healthcare discount plans. Gaps in health insurance coverage may result from unemployment or job transitions. Healthcare discount plans are a desirable temporary solution because many people lack insurance throughout these changes. For some people and families, the cost of health insurance premiums, particularly for full coverage, can be unaffordable. Due to this financial obstacle, they might look for more economical options like healthcare discount plans. There may be coverage gaps even with insurance, such as constrained dental or optical benefits. By offering discounts for services that conventional insurance plans do not completely cover, healthcare discount plans can supplement existing insurance.
Restraint:
Lack of regulation
The healthcare discount plan market functions differently from regular health insurance due to a lack of thorough regulation. For customers looking for economical healthcare solutions, this lack of regulation presents a number of difficulties and worries. There is lack of governmental monitoring, healthcare discount plans are not held to the same high standards as health insurance companies. This may result in uneven coverage and possibly dishonest marketing techniques. Some dishonest providers can overestimate their programs' savings to lure in unwary customers, who would later discover that the discounts are less impressive than promised. Consumers who feel they have been misled have few options without regulatory control.
Furthermore, the lack of regulation can result in variations in the quality and legitimacy of healthcare discount plans. While some reputable companies offer legitimate plans that provide valuable cost savings for consumers, others may engage in unethical practices or fail to deliver on their promises. Consumers may find it challenging to distinguish between trustworthy providers and those looking to exploit the lack of oversight for financial gain.
Opportunity:
Emphasis on underinsured population
The under- and uninsured populations present a substantial additional opportunity. A sizeable population segment lacks proper health insurance coverage in many nations. These people and their families are in great financial danger if they get sick or hurt. Underinsured people may have insurance, but it may have high deductibles, little benefits, or policy restrictions, while uninsured people have no coverage. Healthcare savings plans fill the gap by giving people without traditional insurance access to affordable medical care and prescription medications.
These plans are a lifeline for those who lack insurance. They make it possible for people to get crucial services who might otherwise refrain from receiving medical treatment because of financial considerations. This improves their health outcomes and can reduce the burden on emergency rooms and public health systems, where uninsured individuals often seek care as a last resort. For the underinsured, healthcare discount plans act as a supplementary option. They can help individuals manage healthcare costs that their primary insurance may not fully cover, such as copayments, deductibles, or out-of-network services. This can prevent underinsured individuals from facing financial hardship or forgoing necessary care due to cost considerations.
Challenge:
Limited consumer protection
Healthcare discount plans frequently lack the comprehensive consumer protections offered by insurance policies despite being promoted as less expensive alternatives to regular health insurance. People with this deficit may be more susceptible to various problems and difficulties.
The absence of legislative requirements and control from regulatory bodies that regulate health insurance is one of the main issues with healthcare discount plans. Health insurance is tightly controlled at the state or federal levels in many nations, ensuring that insurers adhere to certain requirements and offer particular benefits. Minimum coverage standards, limits on out-of-pocket costs, and safeguards against discriminatory practices are frequently included in these rules. On the other hand, healthcare discount plans frequently stray from these legal frameworks.
Another area of concern is dispute resolution. Health insurance policies typically include processes for addressing claims disputes and grievances, which can be crucial for consumers seeking fair treatment. Healthcare discount plans may not offer similar mechanisms for resolving disputes, leaving consumers with limited recourse if they encounter problems with the plan or its providers.
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- Healthcare Contract Sales Organizations (CSOs) Market: The global healthcare contract sales organizations (CSOs) market size accounted for USD 13.6 billion in 2022 and is expected to hit around USD 29.77 billion by 2032, poised to grow at a CAGR of 8.2% during the forecast period from 2023 to 2032.
Recent Developments:
- In June 2023, the largest dental plan marketplace, DentalPlans.com, a component of the Henry Schein One solution portfolio, announced the debut of its new guided online plan finder, which will make dental plan recommendations to customers in a matter of minutes.
- In January 2023, the Community Health Care Association of New York State and the UnitedHealthcare Community Plan of New York announced a joint commitment of USD 750,000 to support a grant program.
- In September 2022, the leading Health Maintenance Organization (HMO) in the Philippines, MediCard Philippines, Inc. ("MediCard"), announced that AIA Group Limited (the "Company"; stock code: 1299, and collectively with its subsidiaries, "AIA" or the "Group") has agreed to acquire 100% of the shares. MediCard offers health insurance and healthcare services to more than 920,000 members under corporate and individual plans.
Market Key Players:
- New Benefits, Ltd.
- CAREINGTON International Corporation
- AmeriPlan
- True Dental Discounts
- Avia Dental Pan, Inc.
- Best Care Medical Plan, Inc.
- Florida Health Solution Corp.
- United Health Group
- Access One Consumer Health, Inc.
- Careington International Corporation
Market Segmentation:
By Service
- Health Advocate
- Virtual Visits
- Alternative Medicines
- Prescription Drugs
- Dental Care
- Vision Care
- Hearing Aids
- Chiropractic Care
- Nurse Services
- Vitamins & Supplements
- Wellness Plans
- Podiatry Plans
- Others
By Application
- Hospitals
- Clinics
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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