Published on : Jun 03, 2021
ALBANY, New York, June 03, 2021– Long-term care (LTC) insurance refers to the insurance coverage that offers adult or personal day care, home-health care, and nursing home care for individuals aged above 65 years and above. It also comprises disabling or chronic conditions that require continuous monitoring. The report titled “Global Long-Term Care Insurance Market Size, Status and Forecast 2020-2026” explores the market opportunities that exist for the product. LTC insurance makes an offering of several options and more flexibilities than other existing public assistance programs. However, long-term care insurance is generally more costly and that is the reason why many people avoid getting one.
Many people are unable to depend family members or for support at the time of distress and thus they go for long-term care insurance for support at the time of need and assist in the covering of out of pocket expenses. Without the long-term care insurance, savings of a person or the person’s family depletes quite easily, which is the global long-term care insurance market is gaining traction in recent times.
The global long-term care insurance market is considered a fairly fragmented and is marked with the presence of several prominent vendors in the market. Each of these market players are vying for greater presence through product innovation and mergers and acquisitions. American General Life Insurance Co., New York Life Insurance Company, Apollo Munich Long-Term Care Insurance, AIA Insurance Group, Express Scripts Holding Company, and Zurich Insurance Group Ltd. are some of the prominent players in the global Long-Term Care Insurance market.
Presence of Favorable Government Policies to Boost North America Market
The global long-term care insurance market has been segmented broadly into the five key territorial zones of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
Amongst the various key regions, North America is observed to account for a sizable chunk of the global long-term care insurance market. In the US, government is seen supporting the initiatives of penetration of long-term care insurance by way of framing favorable policies like national social insurance programs in the US. On the other hand, the market in Asia Pacific is likely to register rapid growth over the tenure of assessment.
Rising Incidences of Chronic illnesses to Bolster Growth of the Market
The report titled “Global Long-Term Care Insurance Market Size, Status and Forecast 2020-2026” makes an offering of a granular assessment of all the probable factors that are expected to leave a positive impact on the growth trajectories of the global long-term care insurance market. The various assessments make an offering of deep insight of the market to the stakeholders and investors. The report presents a careful scrutiny of the important factors that impact the transition of long-term care insurance and evaluate their role in the evolving landscape making use of well-established statistical tools.
A large proportion of people making an entry into the group of target population for long-term care services across the globe are either elderly or disabled or are ill. As rapidly aging population has emerged as an important factor driving the growth of the global long-term care insurance market.
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Thus, rapidly aging population has emerged as a significant factor for this market. A rise in the population with various chronic conditions is likely to emerge as a significant factor driving the demand in the global long-term care insurance market. A rise in the population with chronic illnesses is also predicted to boost growth of the global long-term care insurance market in the years to come.