According to a new Accenture Research survey, nearly 1 in 5 Americans will purchase benefits from health insurance exchanges by 2017, transforming the health insurance landscape. Conducted in March of this year, the Accenture survey entitled, “Are You Ready? Private Health Insurance Exchanges Are Looming” assessed 2,000 consumers between the ages of 18 and 64 who received health insurance through their employer or other affiliation, their significant other, or individually.
The expansion of state health insurance (public) exchanges created by the Patient Protection and Affordable Care Act is expected to standardized coverage for an estimated 30 million individuals by 2017. As a result, the growth of private health insurance exchanges is expected to reach public exchange enrollment levels as soon as 2017 fueled by employers moving to a more defined contribution strategy to better manage rising costs and offer employees greater choice, flexibility, and a retail like shopping experience.
Recent employer surveys indicate that more than 1 in 4 employers are considering moving to a private exchange in the next three to five years. A number of health plans are expected to launch private exchanges to meet the growing demand; however, consumers are largely unaware of this emerging model.
Other survey findings show:
- Despite the fact that most U.S. citizens (83 percent) are unaware of private insurance exchanges, their enrollment levels are expected to surpass (state) public health insurance exchanges by 2018.
- The majority (50 percent) of consumers surveyed said they are intrigued by the choice and flexibility the new platforms would offer.
- Private health insurance exchanges will rapidly upend insurance purchasing for many of the 170 million people who receive benefits through their employer.
- While the market has remained fairly nascent with fewer than one million enrollees in 2012, employers are expressing tremendous interest.
- Recent employer surveys indicate that more than 1 in 4 employers are considering moving to a private exchange in the next three to five years.
-Click here for the full survey