About Long Term Care Insurance
Long Term Care Insurance is an insurance policy which covers a host of services that aren’t covered by regular health insurance. Some of the services covered under long term care insurance includes nursing-home care, home-health care, and personal or adult daycare to people who are either old or are suffering from chronic or debilitating condition that needs regular monitoring or supervision. It also includes aiding with everyday tasks like showering, dressing, and getting in and out of bed. Administration for Community Living under the stated that more than 50 percent of elderly people require long-term care services or support. Although long term care is associated with long term financial pressure and because regular health insurance do not cover such services thus it becomes increasingly important to avail long term care insurance for people especially in their 50’s as people already in a debilitating condition do not qualify to take long term care insurance. North America primarily United States is most dominant in the long term care insurance market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Long Term Care Insurance market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Long Term Care Insurance Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
New York Life Insurance Company (United States), State Farm Insurance (United States), Sun Life Financial Inc. (Canada), Transamerica Corporation (United States), GoldenCare (United States), Northwestern Mutual (United States), ACSIA Partners LLC (United States), Generali Italia S.p.A. (Italy), Humana Inc. (United States) and Allstate Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are NerdWallet (United States), LTCRplus (United States), Anthem, Inc. (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Long Term Care Insurance market by Type (Partnership Long Term Care Insurance, Indemnity Long Term Care Insurance and Reimbursement Long Term Care Insurance) and Region.
On the basis of geography, the market of Long Term Care Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Age Group, the sub-segment i.e. Above 60 years will boost the Long Term Care Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Home Healthcare will boost the Long Term Care Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Above 60 years Segment Dominates the Long Term Care Insurance Market
Market Growth Drivers:
Increase in Geriatric Population or Patients, Rising Penetration of Insurance Services and Flexible Insurance Schemes Offered as per Individual Requirements
Challenges:
High Costs of Long Term Care Services may emerge as one of the Major Factors Limiting the Growth of the Long Term Care Insurance
Restraints:
Less Awareness about the Benefits of the Long Term Care Insurance
Opportunities:
Regions or Countries with Old High Percentage of Old Population such as Finland, Japan and South Korea may has Huge Market Prospectus
Market Leaders and their expansionary development strategies
In March 2023, Continental General Insurance Company announced that it signed a definitive agreement to acquire a block of long-term care policies from Elevance Health, Inc., The acquisition, which will be one of the few successfully consummated LTC transactions in the last decade, comes on the heels of the Company’s recently launched third-party administrator (“TPA”), Continental General Services.
In April 2023, Modern Life a tech-enabled life insurance brokerage for advisors, has announced the addition of long-term care insurance and hybrid long-term care insurance to its comprehensive suite of life insurance products for advisors. With both solutions available through Modern Life’s completely digital platform, advisors have more opportunities to use the platform to match their clients with the right product for their needs.
Key Target Audience
Long Term Care Insurance Developers and Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Analysts and Strategic Business Planners, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.