Long Term Care Insurance Market Poised to Reach USD 45.89 Bn by 2032, Growing at a CAGR of 4.5% from 2025 to 2032

Long-Term Care Insurance Market (LTCI) was USD 32.25 Bn in 2024 and is expected to expand at a CAGR of 4.5 % from 2025 to 2032, reaching USD 45.89 Bn by 2032.

The Long-Term Care Insurance (LTCI) Market includes the industry that deals with the provision, distribution, and sale of insurance plans designed to cover long-term care services. Long-term care can be very costly, and the prices vary widely depending on the type. The rising cost of care has prompted many people to look into long-term care insurance. In countries like the U.S., government programs such as Medicare and Medicaid offer limited coverage for long-term care, such as short-term stays or if someone meets certain criteria. Today’s LTCI policies are more flexible, offering features such as hybrid policies (which add long-term care benefits to a life insurance policy), shared coverage plans, and a range of arrangements that pay for care at home or in facilities. In North America, approximately 7.2 million Americans held long-term care insurance policies.

To Know More about this report  Request A Free Sample Copy: https://www.maximizemarketresearch.com/request-sample/273667/ 

Long-Term Care Insurance Market Segmentation

By Service: LTCI market nursing care is one of the largest segments. The services include medical supervision under which procedures such as nursing interventions, assistance, etc. These services are most often needed in a nursing home or skilled nursing facility (SNF). Home health care can include ADLs services, but also medical services like physical therapy and nursing visits, along with things like medication management.

By Payer: In the public segment, government programs (such as Medicare, Medicaid U.S.), and similar social welfare programs) often dominate the role of “payers” for long-term care services. The Local Impact of public programs, private insurance,  and out-of-pocket spending can have wide regional variation in the country. In the Future Trends segment, the LTCI markets may incorporate new technologies such as digital health or telemedicine.

Long-Term Care Insurance Market Regional Analysis

United States: Florida has become a convenient hub for retirees, contributing to a rising demand for long-term care insurance products, especially in regions like Miami, Tampa, and Orlando. States like California have some of the most expensive long-term care services. The U.S. market is dominated by the major players Genworth Financial, MassMutual, John Hancock, and Lincoln Financial Group.

Germany: Southern Germany has a wealthier population and higher adoption rates for LTCI. The adoption of LTCI in Western Germany is a mix of private and public solutions. The majority of urban centers are found in Northern Germany, such as Hamburg, Schleswig, Holstein, and Lower Saxony. Decentralization would pose more of a challenge when it comes to providing long-term care services. 

China: In Eastern China, pilot programs for long-term care insurance have been launched by local governments in cities like Shanghai and Beijing, leading to a pivot towards private long-term care insurance products. The major players have been monitoring the Chinese market, including China Life Insurance Company (CLIC), Ping An Insurance Group, People’s Insurance Company of China (PICC), and Manulife-Sinochem Life Insurance Co.

Long-Term Care Insurance Market Competitive Landscape

Allianz SE: Allianz purchased Aviva, the European insurance arm of Aviva, a British multinational insurance company. Allianz acquired Lagenhem, a Swedish real estate firm.

Axa Group: Axa bought XL Group, an Irish-based global insurance and reinsurance company, for $15.3 billion. AXA also took a 100% stake in Mitsui Sumitomo Primary Life Insurance and Mitsui Sumitomo Trust & Banking.

MetLife, Inc.: MetLife bought the American International Group (AIG) for approximately $16.2 billion. MetLife acquired the Group Life and Disability business from Cigna Corporation for approximately $6 billion.

Recent Developments:

• The “Asset Care” hybrid long-term care plan from OneAmerica combines long-term care benefits with life insurance.
• Short-term policies, which are underwritten by companies such as Transamerica and Mutual of Omaha, are designed for people in need of coverage when experiencing temporary disability or following surgery, injury, or illness.

Conclusion

•  Digital tools and mobile apps have also improved customer engagement and the ease of claims, making it more convenient than ever for policyholders to manage their policies and care.
•  Combined with long-term care insurance (LTCI), Accelerated Benefit Riders (ABRs) have empowered policyholders to be able to get creative, not only with how they will address their long-term care needs but also how they will contribute to their ability to have a secure financial future.

Reletaed Report:

Long Term Care Insurance Market size was USD 32.35 billion in 2024 and market to touch USD 45.89 billion by 2032, at a CAGR of 4.5% during the forecast period. North America dominated the long-term care insurance market with largest share in 2024.

Australia Healthcare Insurance Market size was valued at USD 26.51 Billion in 2023. The total Australian healthcare Insurance Market revenue is expected to grow at a CAGR of 9.2 % from 2023 to 2030, reaching nearly USD 49.09 Billion in 2030.

About Us

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

MAXIMIZE MARKET RESEARCH PVT. LTD.

3rd Floor, Navale IT park Phase 2,

Pune Banglore Highway, Narhe

Pune, Maharashtra 411041, India.

+91 9607365656

[email protected]