U.S. Short-term Care Insurance Market Proliferation and Advancement

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U.S. Short-term Care Insurance
Market
2023-2033 Persistence Market Research
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Market Overview (2023 to 2033)
Definition and Classification Short-term care
insurance, commonly abbreviated as STCI, is a
specialized insurance product that offers
coverage for a limited duration, typically
ranging from a few weeks to a few months. It is
designed to cover the costs associated with
temporary care, rehabilitation, and recovery, and
it bridges the gap between traditional health
insurance and long-term care insurance. Market
Size and Growth The U.S. short-term care
insurance market was valued at US 41.1 billion
in 2022 and is projected to reach US 110.1
billion by the end of 2033, expanding at a CAGR
of 9.6 over the decade.
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Market Segmentations
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Material Type Preferred Provider Organizations
(PPOs) Point of Service (POS)
Health Maintenance Organizations (HMOs)
Exclusive Provider Organizations (EPOs)
End-User Groups Individuals
Region North Africa West Africa East Africa
Central Africa Southern Africa
By Age Group Senior Citizens Adults Minors
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Key Players
Key players in the U.S. short-term care insurance
market include, 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.
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Trends Latest Developments
Growing Demand The U.S. short-term care
insurance market is witnessing increased demand
due to an aging population and rising healthcare
costs, prompting consumers to seek affordable
options for temporary coverage. Hybrid Products
Insurers are introducing innovative hybrid
products that combine elements of short-term
care insurance with long-term care or life
insurance, offering more comprehensive and
flexible coverage options. Telehealth
Integration To adapt to the changing healthcare
landscape, many short- term care insurance
providers are integrating telehealth services
into their plans, making it easier for
policyholders to access medical consultations
remotely. Regulatory Changes Ongoing regulatory
developments are shaping the market, with states
implementing various rules and guidelines to
ensure consumer protection and transparency in
short-term care insurance policies, creating a
more standardized and reliable market.
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