Health In$urance Companies

In 2017 I concluded the mighty health insurance companies were successfully hiding their premiums income. I just couldn't get a good answer from the Google/Bing duopoly. 


What the...?


I wrote a blog post challenging readers to see if they could find it. Nope.

So today I gave two of my fav chatbots, ChatGPT and Claude, the challenge.

NO PROBLEMO!  And they pretty much agreed.

Claude.ai:

Key Premium Revenue Estimates:

  1. Total Market Size: The health insurance market size to surpass USD 1.78 trillion in 2024 Measuring total-premium inflation for health insurance in the Consumer Price Index : Monthly Labor Review: U.S. Bureau of Labor Statistics
  2. Private Health Coverage Spending: Spending on private health coverage is set to exceed $1.5 trillion this year, according to the nonpartisan US Government Accountability Office Best’s Market Segment Report: US Health Insurers Met Challenges in 2024 but Pressures Expected to Persist in 2025
  3. The data suggests that premium revenue from all health insurers combined - both for-profit and non-profit - is in the range of $1.5-1.8 trillion annually for 2024, representing one of the largest insurance markets globally.

ChatGpt:

📊 Total Premium Expenditure to For‑Profit Health Insurers

  • Private health insurance (including employer-sponsored and individual plans) accounted for about $1.46 trillion, roughly 31.6% of all health consumption expenditures .

  • Data from Health Affairs and CMS estimate $1.5 trillion in private insurance spending in 2023 medicaleconomics.com.

  • Industry sources (e.g., Statista) report $1.2 trillion in direct premiums written across all health insurance lines statista.com, with others climbing to $1.45 trillion in 2024.


THAT'S 50% MORE THAN THE ANNUAL PENTAGON BUDGET!

And a win for the chatbots. Both are using credible sources.



Just thought you'd want to know.




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