How is Growing Geriatric Population Driving Private Healthcare Insurance Industry?

A healthcare insurance covers the surgical and medical expenses incurred during the treatment of the insured individual. Moreover, a healthcare insurance can reimburse the various expenses incurred during the treatment of the injury or illness or directly pay the healthcare providers for the treatment of the insured person.

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There are various types of plans provided by private healthcare insurance industry players for disease, income, and medical protection. Medical insurance is the healthcare insurance policy that covers high deductible medical treatment expenses. Under this policy, only a limited amount for certain expenses such as emergency services, ambulatory patient services, and hospital bed expenses are covered. Additionally, the costs of prescription drugs, hospitalization, laboratory services, pediatric services, and mental health and substance use disorder services are covered under this insurance.

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This policy may not provide coverage for pre-existing illnesses or medical conditions and usually covers a maximum percentage of the tax-free salary. The private healthcare insurance industry is exhibiting rapid expansion in the U.S. This is because of the high incidence of chronic diseases, the presence of a large geriatric population, high medical costs, and the existence of various government funding programs that provide funding for healthcare insurance in the country.

As the geriatric people require proper and regular medical attention and very frequent visits to clinics and hospitals, their treatments tend to be very costly. Because of this reason, the people in this age bracket invest heavily in private healthcare insurance, thereby fueling the growth of the private healthcare insurance industry. Apart from the U.S., the industry is also demonstrating huge expansion in many European countries such as Spain, Italy, the U.K., France, Switzerland, and Germany.

Hence, it is safe to say that due to the escalating healthcare costs, the surging geriatric population, and the growing incidence of chronic diseases in several countries, the industry will exhibit huge expansion all over the globe in the coming years.