Long-Term Care Insurance Market Size, Share, Growth, and Industry Analysis, By Type (Traditional Long Term Care Insurance and Hybrid Long Term Care Insurance), By Application (Between 18 and 64 and Over 65 Years Old), Regional Insights, and Forecast to 2031

Updated On: 20 November 2023

LONG-TERM CARE INSURANCE MARKET REPORT OVERVIEW

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Theglobal long-term care insurance market size was USD 31650 million in 2021 and is projected to touch USD 48391.8 million by 2031, exhibiting a CAGR of 4.3%

The global COVID-19 pandemic has been unprecedented and staggering, with long-term care insurance market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Long term care insurance is a type of savings product that is mostly offered in the US, UK, and Canada. While providing security beyond a predetermined time period, it differs from Medicare health insurance in that it provides greater benefits to the enrolee. Age is not a consideration in determining if someone needs long-term care insurance; rather, whether they are capable of engaging in any activity makes them eligible for the saving coverage. The misconception that only those with Parkinson's disease or other terminal illnesses qualify for long-term insurance is simply a lie since there are occasions when certain changes to your health may simply bar you from eligibility. In fact, it happens frequently for people to benefit from the insurance when they are still quite young.

There are many different kinds of long-term insurance policies; some promise to protect you for a longer period of time, such as your entire life, while others may just end up paying your costs for a year or two. A person's eligibility for the insurance is based on a number of characteristics, including: Your age at the time of the insurance purchase. One will receive the specified amount on a daily basis. You may find out how much the policy will pay per day by dividing the ultimate sum.

Examining the extra benefits that a potential insurance applicant wants to acquire. Long-term insurance is the way to ensure one's financial security even when they are unable to work or require assistance. While this insurance helps with hospital bill payments, medical care, financial aid for housing, adult day centres, they also cover other expenses like the therapist, neighbourhood nurses, domestic help, and other help that may be necessary. In reality, some insurances that fall under the category of this may also provide extra benefits including reimbursement for loan fees, daily expenses, and purchases of essential home-related items.

COVID-19 Impact: Pandemic Induced New Features in the Insurance Company to Lift Market Growth

COVID-19 had transformed many sectors in India and the health insurance sector is one of them. Certain positive changes and some challenges have occurred in the health insurance industry over the past few years. These changes have been brought in by the insurance providers to adjust to the new norms of COVID-19 pandemic, and to continue delivering their services without any hassles for the customers. COVID-19 long-term care insurance plans have been included in the regular health insurance plans by the insurers for the policyholders.

The health insurance providers have made certain improvements and changes to their health insurance products to better meet the policyholders' increasingly specific needs. While some insurers have introduced these features separately, others have incorporated them into their standard health insurance plans. These developments were created to meet client needs and include characteristics like quick turnaround times, extensive coverage, and cost-effective protective gear.

LATEST TRENDS

"Reduction in Taxes with the Help of Insurance to Boost Market Growth"

Even long-term care insurance has the benefit of tax deductions, like other tax reduction strategies. Care insurance can be an excellent source to submit returns and help them recover the money when dealing with high-net-worth individuals or retired troops because it can be used to the individual's advantage.

LONG-TERM CARE INSURANCE MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into traditional long term care insurance and hybrid long term care insurance.

In terms of product, traditional long term care insurance is the largest segment.

• By Application

Based on application; the market is divided into between 18 and 64 and over 65 years old.

In terms of application, 18 and 64 is the largest segment.

DRIVING FACTORS

"Tendency of the Insurance to Make Clients Independent to Fuel Market Growth"

Long-term care insurances are designed to make the elderly and disabled completely dependent on themselves. In addition to providing them with a feeling of livelihood, the insurance allows them to enjoy a life of satisfaction and self-satisfaction because they are no longer considered a burden (as some younger people do). Thanks to the advantages of long-term care insurance, even single parents who are unable to provide for their family or people who are ill and are having trouble managing the cost of their treatment can now live independently. Under such private insurance company policies, the State Government can take care of your anxiety of being dependent on your family if you get sick, get old, or find yourself jobless.

"Long Term Insurance Being a Better Alternate of Medical Insurance to Promote Market Growth"

The only way long-term care insurance differs from medical insurance is by assisting the individual in covering costs associated with their living arrangements even when they are not in the hospital. The insurance is not only for medical reasons; it also ensures coverage of your entire way of life, including domestic care, healthcare costs, and housing. In reality, the insurance offers more benefits than medical insurance, such as loan payments and other benefits. This is anticipated to boost long-term care insurance market growth.

RESTRAINING FACTORS

"Hike in the Price of Insurance to Constrain Market Growth"

After the increase in premiums and the coverage one receives, there have been several rumours and second thoughts about purchasing these long-term care policies. Many people living on the edge finds it impossible to obtain such medical security due to the increase in premium costs. Although it primarily benefits the elderly, retired military personnel find the monthly or annual premium costs to be out of their price range. People choose not to get this insurance as compared to paying greater premiums for insurances that offer fewer benefits. This is anticipated to restrain long-term care insurance market growth.

LONG-TERM CARE INSURANCE MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Increased Demand for Adult Care Services"

An increase in the number of patients suffering from hypertension, osteoarthritis, and type 2 diabetes mellitus in developed in the region have triggered the demand for adult day-care services. A larger proportion of people in North America entering the target population for long-term care services are sick, disabled, or elderly. So, aging is one of the major factors in insurance. The aging boomers are shifting their liking from nursing homes to home-based healthcare. Owing to these factors North America holds the largest proportion of long-term care insurance market share.

KEY INDUSTRY PLAYERS

"Innovative Creations by Manufacturers to Increase Market Growth"

To increase prospective profit, the report can be used to affect industry competitiveness and competitive environment strategies. It also provides a simple framework for evaluating and accessing the situation of the corporate organisation. The report's format also highlights how fiercely competitive the long-term care insurance market is. The market share, market performance, product situation, operational situation, and others. All the major competitors are introduced in detail in this report, making it simpler for readers to identify these players and understand the market's competitive landscape. Anyone interested in the market, including participants, investors, researchers, consultants, and business strategists, should carefully read this paper.

List of Market Players Profiled

• Genworth (U.S.)
• John Hancock (U.S.)
• Aviva (U.K.)
• Allianz (German)
• Aegon (Netherlands)
• Dai-ichi (Japan)
• AXA (France)
• China Life (China)
• Prudential (U.S.)

REPORT COVERAGE

The market research report on long-term care insurance keeps a close eye on the major rivals through strategic analysis, micro and macro market trend and scenario analysis, pricing analysis, and a comprehensive summary of the market conditions over the forecast period. It is an expertly written, in-depth study that emphasises key and secondary drivers, market share, top categories, and regional analysis. The paper also examines prominent actors, significant partnerships, mergers, and acquisitions, as well as popular innovations and business practises.