Product Code: GVR-4-68040-114-7
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.
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
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.6.1. Country Market: CAGR Calculation
- 1.7. Country-Based Segment Share Calculation
- 1.8. List of Data Sources
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
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and Social landscape
- 3.3.2.3. Technological landscape
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
- 4.3.2.1. Age 55 to 65 Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.3.2.2. Age 66+
- 4.3.2.2.1. Age 66+ Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
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
- 5.3.1. California Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4. Texas
- 5.4.1. Texas Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5. New York
- 5.5.1. New York Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.2. Florida
- 5.5.2.1. Florida Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.3. Illinois
- 5.5.3.1. Illinois Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.4. Pennsylvania
- 5.5.4.1. Pennsylvania Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.5. Virginia
- 5.5.5.1. Virginia Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.6. Ohio
- 5.5.6.1. Ohio Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.7. New Jersey
- 5.5.7.1. New Jersey Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.8. Minnesota
- 5.5.8.1. Minnesota Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5.9. Others
- 5.5.9.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
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
- 6.4.1. Mutual of Omaha
- 6.4.1.1. Overview
- 6.4.1.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.1.3. Product Benchmarking
- 6.4.1.4. Strategic Initiatives
- 6.4.2. New York Life
- 6.4.2.1. Overview
- 6.4.2.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.2.3. Product Benchmarking
- 6.4.2.4. Strategic Initiatives
- 6.4.3. Northwestern Mutual
- 6.4.3.1. Overview
- 6.4.3.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.3.3. Product Benchmarking
- 6.4.3.4. Strategic Initiatives
- 6.4.4. Thrivent
- 6.4.4.1. Overview
- 6.4.4.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.4.3. Product Benchmarking
- 6.4.4.4. Strategic Initiatives
- 6.4.5. National Guardian Life
- 6.4.5.1. Overview
- 6.4.5.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.5.3. Product Benchmarking
- 6.4.5.4. Strategic Initiatives
- 6.4.6. Bankers Life
- 6.4.6.1. Overview
- 6.4.6.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.6.3. Product Benchmarking
- 6.4.6.4. Strategic Initiatives
- 6.4.7. Transamerica
- 6.4.7.1. Overview
- 6.4.7.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.7.3. Product Benchmarking
- 6.4.7.4. Strategic Initiatives
- 6.4.8. MassMutual
- 6.4.8.1. Overview
- 6.4.8.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.8.3. Product Benchmarking
- 6.4.8.4. Strategic Initiatives
- 6.4.9. Genworth Financial
- 6.4.9.1. Overview
- 6.4.9.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.9.3. Product Benchmarking
- 6.4.9.4. Strategic Initiatives
- 6.4.10. John Hancock
- 6.4.10.1. Overview
- 6.4.10.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 6.4.10.3. Product Benchmarking
- 6.4.10.4. Strategic Initiatives