Long Term Care Insurance in the US - Industry Market Research Report
Description
Long Term Care Insurance in the US
As the population ages, senior care services have continued to expand in importance and therefore, demand for the Long Term Care Insurance industry has increased. The industry comprises companies that provide insurance policies that help pay for the care provided in nursing homes, assisted living facilities, adult day care centers and in-home senior care services. This industry typically benefits from steady demand because Medicare and private health insurance companies often do not cover these services. The most vital driver of this industry has been a growing elderly population. As the baby boomer generation has begun reaching retirement age, the number of people over 65 has grown as a share of the population. Meanwhile, as medicine and healthcare have improved, the average lifespan has increased, creating an even greater need for senior care services and increasing the likelihood that retirement savings will not be able to cover the full extent of services needed. Industry revenue has been growing at an average annualized 1.1% over the past five years and is expected to total $35.2 billion in 2023 when revenue will jump by an estimated 5.2%.
This industry underwrites (i.e. assuming the risk and assigning premiums) long-term care insurance policies, used to fund care in nursing homes and assisted living facilities.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."
As the population ages, senior care services have continued to expand in importance and therefore, demand for the Long Term Care Insurance industry has increased. The industry comprises companies that provide insurance policies that help pay for the care provided in nursing homes, assisted living facilities, adult day care centers and in-home senior care services. This industry typically benefits from steady demand because Medicare and private health insurance companies often do not cover these services. The most vital driver of this industry has been a growing elderly population. As the baby boomer generation has begun reaching retirement age, the number of people over 65 has grown as a share of the population. Meanwhile, as medicine and healthcare have improved, the average lifespan has increased, creating an even greater need for senior care services and increasing the likelihood that retirement savings will not be able to cover the full extent of services needed. Industry revenue has been growing at an average annualized 1.1% over the past five years and is expected to total $35.2 billion in 2023 when revenue will jump by an estimated 5.2%.
This industry underwrites (i.e. assuming the risk and assigning premiums) long-term care insurance policies, used to fund care in nursing homes and assisted living facilities.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."
Table of Contents
41 Pages
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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