Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "U.S. Long-term Care Private Insurance Market Size, Share & Trends Analysis Report By Buyer Age (Before Age 55, Age 55 To 65, Age 66+), By State, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. long-term care private insurance market size was estimated at USD 14.37 billion in 2022, expanding at a CAGR of 5.84% from 2023 to 2030
The growth can be attributed to factors such as the increasing aging population, government support limitations, product innovations, and increased consumer awareness.
Rising Long-Term Care Costs Drive Demand for Insurance
The long-term care (LTC) insurance market is witnessing significant growth, primarily fueled by the escalating costs associated with long-term care. Expenses related to services like nursing homes can be substantial, with monthly costs ranging from around USD 3,000 to over USD 5,000. As these costs continue to rise, individuals seek ways to mitigate the financial burden of long-term care, making LTC insurance an attractive option.
Long-term care insurance coverage plays a crucial role in covering expenses for services such as physical and occupational therapy, skilled nursing care, home health aide and caregiver services, as well as hospice care. These policies can offer both short-term and long-term coverage, depending on the chosen policy.
Changing demographics and evolving family dynamics in the U.S. are also expected to boost the market in the coming years. Shifts in family structures, such as the increase in single-person households and dual-income families, have reduced the availability of informal caregiving options. This shift has led to an increased demand for formal long-term care services and private insurance coverage.
In addition to changing demographics, rising awareness of the importance of long-term care planning has contributed to the market's growth. Hybrid long-term care insurance products have gained popularity in recent years.
These hybrid options combine long-term care insurance with other insurance offerings like annuities or life insurance. Individuals seeking to address their long-term care needs while potentially benefiting in other areas are drawn to these hybrid products.
In summary, the U.S. LTC insurance market is growing due to the rising cost of long-term care, shifting demographics, evolving family structures, and increased awareness of long-term care planning. The popularity of hybrid insurance products further contributes to the market's expansion.
Key Highlights of the U.S. Long-Term Care Private Insurance Market Report
- The age 55 to 65 segment captured the highest market share in 2022, driven by longer planning horizons and pre-retirement preparations.
- The below age 55 segment is expected to gain significant market share in the future, reflecting increasing awareness and health qualification advantages.
- California held a substantial market share of 8.14% in 2022, driven by the state's aging population and large population size.
- Texas is poised for substantial growth with a high cost of care, an insurance-friendly environment, and strategic initiatives undertaken by the state.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $9.13 Billion |
| Forecasted Market Value (USD) by 2030 | $14.37 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | United States |
Company Profiles
- Mutual of Omaha
- New York Life
- Northwestern Mutual
- Thrivent
- National Guardian Life
- Bankers Life
- Transamerica
- MassMutual
- Genworth Financial
- John Hancock
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. U.S. Long-Term Care Private Insurance Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Increasing Aging Population
3.2.1.2. High Cost of Long-Term Care
3.2.1.3. Government Support Limitations
3.2.1.4. Increased consumer awareness
3.2.2. Market Restraint Analysis
3.2.2.1. High Premium Prices
3.2.2.2. Limited Coverage Options
3.3. U.S. Long-Term Care Private Insurance Market Analysis Tools
3.3.1. Industry Analysis - Porter's
3.3.2. PESTEL Analysis
Chapter 4. U.S. Long-Term Care Private Insurance Market: Buyer Age Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. U.S. Long-Term Care Private Insurance Market: Buyer Age Movement Analysis, USD Billion, 2022 & 2030
4.3. Before age 55
4.3.1. Before age 55 Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.3.2. Age 55 to 65
4.3.2.2. Age 66+
Chapter 5. U.S. Long-Term Care Private Insurance Market: State Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. U.S. Long-Term Care Private Insurance Market: State Movement Analysis, USD Billion, 2022 & 2030
5.3. California
5.4. Texas
5.5. New York
5.5.2. Florida
5.5.3. Illinois
5.5.4. Pennsylvania
5.5.5. Virginia
5.5.6. Ohio
5.5.7. New Jersey
5.5.8. Minnesota
Chapter 6. U.S. Long-Term Care Private Insurance Market: Competitive Landscape
6.1. Company Categorization
6.2. Company Market Share Analysis, 2022
6.3. Strategy Mapping
6.4. Company Profiles/Listing
For more information about this report visit https://www.researchandmarkets.com/r/7ceecg
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