DUBLIN, July 27, 2021--(BUSINESS WIRE)--The "Hospital Daily Cash Benefit Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides Strategists, marketers and senior management with the critical information they need to assess the global hospital daily cash benefit insurance market as it emerges from the COVID-19 shut down.
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 market is expected to reach $59.79 billion in 2025 at a CAGR of 14.1%.
AIA Insurance Group
UnitedHealth Group Inc.
Zurich Insurance Group Ltd.
Express Scripts Holding Company
Apollo Munich Health Insurance
International Medical Group
Assicurazioni Generali S.p.A.
Star Health Insurance
ICICI Lombard General Insurance Company
Religare Health Insurance Company Limited
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The hospital daily cash benefit insurance market covered in this 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.
The inability to cover the complete medical treatment expenses is anticipated to hinder the hospital's daily cash benefit insurance market's growth. Hospital cash plans only provide a daily allowance through hospitalization instead, a health insurance plan provides more comprehensive coverage. On average, the hospital's daily cash benefit insurance provides the insured with an amount ranging from $100 to $3000 per day which is not sufficient for the complete coverage of the treatment making it a supplement to the health insurance plans. This scenario is likely to act as a hindrance to the growth of the market.
In January 2020, HDFC, an Indian-based provider of housing finance with a presence in banking, life and general insurance, asset management, venture capital, real estate, education, deposits, and educational loans, acquired a majority stake in Apollo Munich health insurance for $334 million. Through this acquisition, Apollo Munich health insurance is renamed HDFC ERGO health insurance to improve customer service experience with a wider range of products and a network of 10000+ cashless hospitals. Apollo Munich health insurance is an India based company formed by the collaboration between Apollo Hospitals and Munich which offers services such as life, health, accident, and travel insurance.
Rising out of the pocket health care expenditure is expected to drive the hospital's 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's 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 hospital's daily cash benefit insurance market.
Companies are collaborating with the 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. Similarly, in October 2019, Religare Partnered with Ola and started the OlaMoney-Religare Hospicash Policy which offers the policyholder to avail the compensation of $70 per day of hospital cash for plans above $7000.
For more information about this report visit https://www.researchandmarkets.com/r/v5ca8g
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005777/en/
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