U.S. Long-term Care Private Insurance Market Size To Hit USD 16.23 Billion By 2032

The global U.S. long-term care private insurance market size was exhibited at USD 9.19 billion in 2022 and it is expected to hit around USD 16.23 billion by 2032, growing at a CAGR of 5.85% during the forecast period from 2023 to 2032.

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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 8.15% 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

Some of the prominent players in the U.S. Long-term Care Private Insurance Market include:

• Mutual of Omaha
• New York Life
• Northwestern Mutual
• Thrivent
• National Guardian Life
• Bankers Life
• Transamerica
• MassMutual
• Genworth Financial
• John Hancock

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Long-term Care Private Insurance market.

By Buyer Age?

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

By State?

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

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