Report Code: A15160 | Pages: NA | Mar 2023 | 1126 Views | ||
Author(s) : Vineet K | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hospital Daily Cash Insurance Market
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Hospital daily cash insurance provides a fixed amount for each continuous and completed period of 24 hours that the insured person is hospitalized due to an accidental bodily injury or illness occurring during the policy period. Medical expenses incurred during the treatment of any disease, injury, or other mental or physical impairment are covered by a hospital daily cash insurance policy. Furthermore, it provides healthcare benefits in exchange for a monthly/semi-annual/annual premium or a payroll tax. The insurer is required to cover the policyholder's medical expenses for the duration of the coverage of the policy. Depending on the policy, coverage may differ for a variety of factors, such as diseases, age group, government policies, and others.
"The Global hospital daily cash insurance market is segmented on the basis of Distribution Channel, Insurance Type, Coverage, Tenure, End User, and Region. Based on Distribution Channel, the market is divided into AA Direct Sales, Brokers/Agents, Banks. In terms of Insurance Type, the market is categorized into Diseases Insurance and Medical Insurance. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased hospitality rate and the rising cost of medical treatments are some of the major factors driving the market growth. However, lack of knowledge about coverage included in-hospital daily cash insurance policies and the increase in health insurance premium costs are some of the factors that limit the health insurance market opportunities. Contrarily, the increased use of advanced technology by healthcare professionals to treat chronic diseases such as cancer and cardiovascular disease is expected to increase the cost of medical treatment which will offer major lucrative opportunities for the growth of the hospital daily cash insurance market.
The hospital daily cash insurance market trends are as follows:
Increased Hospitality Rate:
The rise in hospitalization due to bad lifestyle choices considering fast food choices, unhealthy eating habits, and others. Due to this, there is a significant rise in the rate of medical conditions such as heart attacks, kidney failures, blood pressure imbalance, and others. The medical treatment for this condition is very costly, therefore the need for cash is very much required to cover the daily medical expenses along with treatment costs, doctor fees, and other costs. Thus, the need for hospital daily cash insurance has increased for covering such high expenses. This is a major boosting factor for the growth of the hospital daily cash insurance market size.
Increase in Health Insurance Premium Cost:
Companies that provide health insurance have raised the cost of insurance premiums due to an increase in healthcare expenses, such as the cost of medicine, hospital admission fees, and the cost of various other treatments. Furthermore, the majority of consumers globally have been infected with chronic diseases such as heart disease, Alzheimer's, and diabetes. Healthcare professionals have imposed huge fees for the treatment of such chronic diseases. As a result, insurance companies are responsible for addressing massive claim settlement costs, which is hampering the market growth of hospital daily cash insurance.
Key Benefits of the Report:
Questions Answered in the hospital daily cash insurance market research report:Â Â Â Â Â Â Â Â Â Â
Hospital Daily Cash Insurance Market Report Highlights
Aspects | Details |
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By Distribution Channel |
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By Insurance Type |
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By Coverage |
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By Tenure |
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By End User |
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By Region |
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Key Market Players | Aetna Inc., AIA Group Limited, Allianz, ASSICURAZIONI GENERALI S.P.A., Aviva, AXA, Cigna, Ping An Insurance (Group) Company of China, Ltd., UnitedHealth Group, Zurich. |
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