The COVID-19 pandemic took the world by surprise. It came in hard and has refused to leave. In its wake, it has left devastation for many families. The healthcare industry took the hardest hit, caring for communities and loved ones. As the United States struggled – and still struggles – to face this challenge, families faced an unexpected outcome – the cost. The cost of medical expenses and, sadly, final expenses has proven the need and importance of insurance to help cover these costs.
Colby Direct specializes in this area, offering services such as Medicare Advantage, health insurance, and life insurance. Our experts know the market trends that prove the resiliency and necessity of insurance, especially during a pandemic.
Health Insurance Trend
The health insurance market is expected to grow from 2020 through 2027. Modern medicine has helped people live longer with the help of scientific and innovative breakthroughs. While the healthcare industry is growing, so are the costs associated with healthcare. The COVID-19 pandemic inundated our healthcare facilities with sick patients, and the facilities need money to continue to help the sick.
Health insurance is vital to the continued operations of our healthcare facilities. The hospital staff cannot run on charity and provide innovative medical care. This, and the growing amount of people living with chronic diseases, leads to opportunities in the health insurance industry. You can read more about the anticipated growth statistics in the health insurance industry here.
Medicare and Long-Term Care Trend
Medicare is growing at an impressive rate. As many as 10,000 baby boomers age into the Medicare system every day. As baby boomers mature into the Medicare program, the rates of Medicare Advantage plans increase.
Since 2010, enrollment rates have increased 8% annually. Medicare Advantage plans are also evolving, with plans being offered by major carriers and start-up companies. This growing field is poised to weather the pandemic and prove more relevant than ever.
Life Insurance and Final Cost Trend
The COVID-19 pandemic has also brought increased awareness of life insurance and final cost needs. Life insurance rates are at an all-time low, making them marketable and more appealing than ever. The mortality brought by the pandemic also has families thinking about the final costs for their loved ones
While this is a market trend worth considering, the pandemic has impacted new life insurance purchasers. Customers can expect to be asked about COVID-19 testing or illness and any possible time on a ventilator if they were affected. Medical research has suggested some COVID-19 patients may suffer from long term complications from the virus. One can expect that this will be a consideration in the life insurance application and rating.