Long Term Care Insurance in the US - Industry Market Research Report

In good hands: Industry revenue will grow as demand from senior care facilities rises

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.