What is 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.
The market study is broken down by Type (Partnership Long Term Care Insurance, Indemnity Long Term Care Insurance and Reimbursement Long Term Care Insurance) and major geographies with country level break-up.
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) and Anthem, Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Long Term Care Insurance market by Type, Application 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.
Market Leaders and their expansionary development strategies
In 2018, Continental General Insurance Co., a United States based insurance firm which is also a subsidiary of HC2 Holdings has announced addition of Humana’s USD 2.4 billion long term care insurance business in its portfolio through its acquisition of KMG America. The acquired non-strategic commercial long-term care insurance policies covers over 29,300 policyholders.
In 2017, Long Term Care Group Inc., one of the leading holder of complex long-term care portfolios and provider of business process outsourcing for the insurance industry has announced acquisition of long term care insurance business LifePlans Inc. The acquisition deal will consolidate LTCG Inc.’s market standings as well as increase its network of nurses in North America with additional 2000 nurses attached to it.
- Above 60 years Segment Dominates the Long Term Care Insurance Market
- Increase in Geriatric Population or Patients
- Rising Penetration of Insurance Services
- Flexible Insurance Schemes Offered as per Individual Requirements
- Regions or Countries with Old High Percentage of Old Population such as Finland, Japan and South Korea may has Huge Market Prospectus
- Less Awareness about the Benefits of the Long Term Care Insurance
- High Costs of Long Term Care Services may emerge as one of the Major Factors Limiting the Growth of the Long Term Care Insurance
Key Target AudienceLong 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 ApproachTo 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 the 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 purpose to understand companys positioning regarding 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 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as 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) etc.
2. Can we have customized study for Long Term Care Insurance Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Long Term Care Insurance Market by 2026?
Analysts at AMA estimates Long Term Care Insurance Market to reach USD Million by 2026.