Hospital Daily Cash Benefit Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030
The Business Research Company’s Hospital Daily Cash Benefit Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, August 4, 2021 /EINPresswire.com/ — Rising out of the pocket healthcare expenditure is expected to drive the hospital daily cash benefit insurance market. Out-of-pocket payments (OOPs) are direct payments made by individuals to healthcare providers at the time-of-service use. According to the Centers for Medicare and Medicaid Services (CMS) report on National Health Expenditures 2018, the out-of-pocket spending grew by 2.8% to $375.6 billion in 2018, accounting for 10% of the total healthcare expenditure in the USA. During hospitalization, out-of-pocket hospital expenses include user fees, medicines, diagnostics, procedure charges, transportation, informal charges, and others that have to be borne by the insured. The hospital daily cash benefit insurance provides a certain fixed amount to the insured during their hospital stay, which the person is free to use as per his/her need. Hence, an increase in out of the pocket health care expenditure aids in the growth of the daily hospital cash insurance market.
The global hospital daily cash benefit insurance market is expected to grow from $34.68 billion in 2020 to $35.26 billion in 2021 at a compound annual growth rate (CAGR) of 1.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hospital daily cash benefit insurance market is expected to reach $59.79 billion in 2025 at a CAGR of 14.1%.
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The major players covered in the daily hospitalisation cash plan market are Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna Inc., and Apollo Munich Health Insurance.
Companies are collaborating with digital payment platforms for providing hospital daily cash benefits to provide a simple and hassle-free claim process to policyholders for faster reimbursement. For instance, in July 2020, ICICI Lombard partnered with Phone Pe for offering hospital daily cash benefits to phone pe users.
TBRC’s hospital daily cash benefit insurance market report is segmented by type of plan into rider, standalone cover, part of health insurance; by term of coverage into lifetime coverage, term insurance; by benefit into emergency admission, accident, medical treatment, surgery and by service provider into public, private.
Hospital Daily Cash Benefit Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides hospital daily cash benefit Insurance market overview, forecast hospital daily cash benefit Insurance market size and growth for the whole market, hospital daily cash benefit Insurance market segments, and geographies, hospital daily cash benefit Insurance market trends, hospital daily cash benefit Insurance market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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