US Short Term Care Insurance Market Expected to Grow at a CAGR of 9.6% to Reach USD 110.1 Billion by the End of 2033: Persistence Market Research Report
New York, May 15, 2023 (GLOBE NEWSWIRE) — According to Persistence Market Research, demand for short-term care insurance in the United States is expected to grow by
CAGR of 9.6%
from 2023 to 2033. The report predicts that
Short-term care insurance market in the US
the rating will reach
110.1 billion US dollars
until the end of 2033.
Short-term insurance policies provide coverage for a specific period of time, often ranging from a few days to a few months. This form of insurance is usually used to fill the gap between long-term insurance plans or to provide coverage for a specific event or illness. Accepting short-term care insurance through a PPO can provide plan members with additional health coverage options. Short-term care insurance can be a useful option for those who may not need long-term care insurance but still want to protect themselves against the potentially high costs of unexpected medical events or short-term care needs.
Offering short-term care insurance through a PPO can be a way for insurers to diversify their product offerings and appeal to a wider range of customers. By providing more flexible insurance options, insurers can attract customers who are looking for affordable and customized coverage.
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Key takeaways from market research
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The U.S. short-term care insurance market will reach $43.9 billion in 2023.
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By distribution channel, the broker/agent segment is expected to dominate the market with a 39.1% share in terms of revenue in 2023.
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By plan type, the preferred provider organization (PPOS) segment is expected to expand at a CAGR of 9.4% during the forecast period.
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By age group, senior citizens hold a leading market share of 25.4% in 2022.
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By end-user type, individuals account for a 71.1% share of the US market in 2022.
“The short-term care insurance market in the US is expected to show significant growth due to the increasing popularity of Preferred Provider Organizations (PPOs). Market expansion is driven by widespread adoption of insurance technology and other variables,”
says an analyst at Persistence Market Research.
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The high cost of long-term care insurance driving demand for short-term insurance policies
The US short-term care insurance market is driven primarily by the rising cost of long-term care insurance, which has made short-term care insurance an attractive option for those who want to protect themselves against unexpected health care expenses without committing to long-term insurance policy.
The growing popularity of short-term care insurance can also be attributed to changing workforce dynamics. Many people in the US are already self-employed or work in jobs that do not offer long-term insurance benefits. Short-term care insurance provides an affordable alternative for individuals who need health coverage but do not have access to traditional insurance plans.
Advances in medical technology and healthcare practices have made short-term care more affordable and effective. This has increased demand for short-term care insurance as more people seek these services to aid in their recovery and rehabilitation.
Key companies
Important key players for short term care insurance market in US are EHealth Insurance Services Inc., VitalOne Health, Cox HealthPlans LLC, Wisconsin Physicians Service, Guarantee Trust Life Insurance Company, Cigna., Illinois Health Agents, Inc., Bankers Fidelity Life Insurance Company , United HealthCare Services, Inc., Everest Re Group, Ltd. And others
The latest news
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AIG and Medalogix, a healthcare technology provider, joined forces in July 2021 to offer STCI policyholders services and care management solutions that will improve health outcomes and reduce costs. New Short-
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a term care insurance policy called Essential LTC was introduced by National Guardian Life Insurance Company (NGL) in 2020. It offers various benefit options and customized coverage customers.
We offer more valuable insights
Persistence Market Research’s report on the US short-term care insurance industry is segmented into four sections:
e
distribution channel
(direct sales, brokers/agents, banks, others),
age group
(senior citizens, adults, minors),
plan type
(preferred vendor organizations [PPOs]point of service [POS]health maintenance organizations [HMOs]exclusive supplier organizations [EPOs]), and
end user type
(groups, individual).
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For additional information on how the US short-term care insurance market will shape up in the near future, write to the team of expert analysts at [email protected]
About the Electronics, Semiconductors and ICT Division at Persistence Market Research
Expert analysis, actionable insights and strategic recommendations – the Electronics, Semiconductor and ICT team at Persistence Market Research helps clients around the world with their unique business intelligence needs. With a repository of over 500 electronics, semiconductor and ICT reports, of which 100+ reports are ICT specific, the team provides comprehensive research and analysis of regional trends, market growth drivers and research development efforts in the electronics industry, semiconductors and ICT
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