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Health & Welfare Funds in the US - Industry Market Research Report

  • December 2016
  • -
  • Ibisworld
  • -
  • 33 pages

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Insufficient funds: Despite anticipated revenue growth, an increase in healthcare expenditures will hamper profit



Abstract

Health & Welfare Funds in the US

In the five years to 2016, industry revenue is expected to decrease as a consistent increase in healthcare expenditures (i.e. medical cost inflation) forced industry operators to consistently raise premiums and increase reserves to ensure healthcare liabilities are properly funded. This occurrence, combined with a relatively weak and volatile stock market, has also taken its toll on industry profit margins. In attempt to slow rising medical costs, the Obama administration has introduced healthcare reforms in the Affordable Care Act (ACA) in an attempt to temper medical cost inflation and decrease the uninsured rate in the United States. The ACA, which took full effect in 2014, could prove to be detrimental for this industry because the legislation does not provide it with subsidies that are afforded to subscribers of for-profit plans. Industry operators fear that this will discourage union membership and could reduce revenue. Nevertheless, the effect ACA will have on this industry remains unclear. Overall, in the five years to 2021, industry revenue is expected to grow at a moderate rate.

This industry comprises legal entities (i.e. funds, plans and programs) that provide medical, surgical, hospital, vacation, training and other health and welfare related employee benefits, exclusively for the sponsor’s employees or members. Unlike private insurers, health and welfare funds operate on a nonprofit basis, for the benefit of members and their sponsors, not shareholders.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.



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