U.S. Long-term Care Private Insurance Market To Reach USD 14.37 Billion By 2030

 


U.S. Long-term Care Private Insurance Market Growth & Trends

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, according to a new report by Grand View Research, Inc. The growth can be attributed to factors such as the increasing aging population, government support limitations, product innovations, and increased consumer awareness.

The increasing cost of long-term care is expected to drive the market growth. Costs for long-term care, such as those related to nursing homes, can be high. The monthly cost of a nursing home facility starts at around USD 3,000 and may range up to USD 5,000 or more. These rising costs make LTC insurance an attractive choice for people who want to mitigate the financial burden associated with long-term care. Long-term care insurance coverage aids pay for physical/occupational therapy, skilled nursing care, home health aide/caregiver services, and hospice services. Long-term care insurance can offer coverage on both short-term and long-term basis, depending on the policy chosen.

Changing demographics and family dynamics in the U.S. are expected to boost market growth in the coming years. Shifting family dynamics, such as a rise in single-person households and an increase in dual-income families, have decreased the availability of informal caregiving options. This change contributes to the growing demand for formal long-term care services and private insurance coverage.

Moreover, long-term care insurance has been gaining more attention in recent years owing to rising awareness of the need for long-term care planning. Moreover, in recent years, hybrid long-term care insurance products have gained popularity. These packages combine long-term care insurance with other insurance options, like annuities or life insurance. People who desire to address their long-term care needs while also having the potential to benefit in other areas may be attracted to hybrid products.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/us-long-term-care-private-insurance-market-report

U.S. Long-term Care Private Insurance Market Report Highlights

  • Based on buyer age, the age 55 to 65 segment captured the highest market share in 2022. The longer planning horizon and pre-retirement planning have propelled the segment’s growth
  • Below age 55 is expected to show significant market share in the coming years owing to increasing awareness and Health qualification advantages
  • Based on the state, California held a significant market share of 8.14% in 2022. This is attributed to the increasing aging population in the state and its large population size
  • Texas State is expected to grow at a substantial CAGR during the forecast period owing to the high cost of care, insurance-friendly environment, and strategic initiatives undertaken by Texas

U.S. Long-Term Care Private Insurance Market Segmentation

Grand View Research has segmented the U.S. long-term care private insurance market based on buyer age and state:

U.S. Long-term Care Private Insurance Buyer Age Outlook (Revenue, USD Billion, 2018 - 2030)

  • Before Age 55
  • Age 55 to 65
  • Age 66+

U.S. Long-term Care Private Insurance State Outlook (Revenue, USD Billion, 2018 - 2030)

  • California
  • Texas
  • New York
  • Florida
  • Illinois
  • Pennsylvania
  • Virginia
  • Ohio
  • New Jersey
  • Minnesota
  • Other

List of Key Players in the U.S. Long-term Care Private Insurance Market

  • Mutual of Omaha
  • New York Life
  • Northwestern Mutual
  • Thrivent
  • National Guardian Life
  • Bankers Life
  • Transamerica
  • MassMutual
  • Genworth Financial
  • John Hancock
Browse Full Report: https://www.grandviewresearch.com/industry-analysis/us-long-term-care-private-insurance-market-report

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