5 Best Long-Term Care Insurance Companies of October 2022 | Money

According to government estimates, 70% of people over the age of 65 will require some form of long-term care and support later in life.

long-term care (ltc) insurance can help you pay for the costs associated with your care as you age and need help with activities of daily living, such as bathing, dressing, and eating, or care related to Alzheimer’s disease , Parkinson’s and dementia.

Reading: Where to purchase long term care insurance

Keep reading to learn about the best companies that offer long-term care insurance products.

our top picks for the best long-term care insurance companies

  • Nationwide: the best for customer satisfaction
  • mutual of omaha: the best for discounts
  • golden care insurance: the best market
  • life in new york: the best for financial stability
  • northwestern mutual: runner-up in financial stability
  • best long term care insurance reviews

    nationwide is one of the largest insurers in the united states and was ranked among the best in customer satisfaction in j.d. power of 2021 usa uu. life insurance study As a well-known national insurer, the nation’s reputation adds an extra layer of security for clients looking to invest in financially secure products.

    nationwide sells universal life insurance policies with two long-term care options: as an ltc rider (an add-on to another policy) and a hybrid policy that includes both life insurance and ltc benefits called carematters.

    Nationwide policies have some very convenient advantages. For one thing, unlike many competitors, once qualified, it doesn’t require you to submit receipts and invoices on a monthly basis to get your benefit. You can also use your benefits to pay for the care of informal caregivers, like family members.

    Please note that coverage for the LTC Rider is not available in Montana or the US. uu. territories.

    mutual of omaha offers three types of discounts: 15% for members who buy the same policy, 15% for being in good health, and 5% for married clients (and whose partners are not under the same policy). discounts are cumulative, with premium discounts applied to the total amount of the premium and additional discounts applied to the rest.

    mutual of omaha also ranked fifth in customer satisfaction at j.d. power’s 2020 usa uu. study of life insurance and has a strong financial strength rating of a+.

    mutual of omaha offers long-term care insurance coverage exclusively as a stand-alone product. Available policy options include the Mutualcare® Personalized Solution and the Mutualcare® Secure Solution, which include:

    • monthly benefits from $1,500 to $10,000
    • elimination periods between 0 and 365 calendar days
    • policy limit of $50,000 to $500,000
    • premium benefit waived
    • optional inflation protection benefit
    • As an online insurance broker, Golden Care partners with some of the most prominent companies in the market to help customers find the best options for their long-term care needs. Partners with Mutual of Omaha, Transamerica, Aetna, Prospernt, Securian Financial, OneAmerica, and National Guardian Life Insurance Company.

      The company connects clients with a long-term care specialist who will work with them on their plan of care and guide them to the insurer that best fits their situation.

      new york life is our top pick as the best long-term care insurer for financial stability. it has superior financial ratings, the third highest of any insurance company on our list, regardless of type, and is one of the oldest mutual insurance providers in the country.

      new york life offers two types of long-term care insurance options: traditional stand-alone policies and combined long-term care and life insurance policies. maximum daily benefits range from $50 to $400 per day and waiting periods from 90 to 180 days. you can choose a benefit period of two, three, five or seven years.

      northwestern mutual made our list thanks to its superior financial strength and above-average customer service rating. it also has a remarkably low complaint rate for long-term care policies, according to the naic’s national complaint rate report.

      northwestern’s quietcare traditional long-term care policy allows you to select a maximum monthly benefit of $1,500 to $12,000 in $100 increments. it also allows you to choose from four elimination period alternatives: six, 12, 25 or 52 weeks. (An elimination period is the time between when you first need care and when the policy will start paying benefits.)

      A major drawback to this policy is that it will only cover services offered by providers approved by the plan, and not all approved care providers are certified in all states.

      other long-term care insurance companies we consider

      While these companies are not on our list of the best insurers, they do offer coverage and features that some consumers may find attractive.

      financial brilliant

      brighthouse financial is an insurance company that specializes in annuities and life insurance policies. Unfortunately, his below-average customer satisfaction score, his best a.m. relatively low and its high rate of naic complaints disqualified it from our top list.

      oneamerica (state life insurance company)

      oneamerica is a mutual insurance and financial services company specializing in life insurance and annuity products. offers hybrid life insurance policies and annuity plans, both of which include ltc benefits. its relatively high naic complaint rate and low financial strength rating kept it off our top list.

      lincoln financial long term insurance

      Although Lincoln Financial has attractive product offerings and a great financial stability rating, its extremely high naic complaint ratio (16.31) disqualified it from our top list.


      transamerica allows policyholders to customize their long-term care insurance coverage based on the price range they can afford. however, his low j.d. naic’s power score and high complaint rate kept it off our top list.

      ltc resource center

      ltcresourcecenters.com is an independent general agency. the company is authorized to underwrite and quote policies, administer programs and settle claims. the lack of information about the plans on their site prevented the company from appearing on our list.

      california long term care insurance services (cltc)

      california long term care insurance services, also known as cltc insurance services, is an independent insurance brokerage specializing in the sale of long term care insurance and related products in the state of california. Since cltc’s services are limited to one state, it was not included in our main list.

      long-term care insurance guide

      See also: How to file an appeal for health insurance claim

      Most people over the age of 65 will require long-term care at some point in their lives, with women needing care longer than men and having to pay more as a result.

      Despite this, long-term care insurance is not as well known as other types of insurance.

      Here is some important information you need to understand and purchase a long-term care insurance policy.

      what is long-term care insurance?

      Long-term care insurance provides coverage for home health care or facility care if you can no longer perform at least two of the six basic activities of daily living: personal hygiene, dressing, toileting, ambulation/ transfer, continence and eating.

      many people mistakenly believe that medicare will cover all these costs when the time comes. However, there are limitations to what Medicare and other government programs will cover when it comes to long-term care, and many patients end up paying these costs out of pocket. Long-term care insurance providers offer specific products that can help cover expenses related to long-term care.

      How does long-term care insurance work?

      A long-term care insurance policy can provide you and your loved ones with the financial security needed to pay for professional care later in life. still, the policy will only take effect after the elimination period (the time between when you first need care and when the policy starts paying benefits). this elimination period is also known as the deductible or waiting period.

      Depending on your policy, there are specific events that can trigger your coverage. these typically include having cognitive impairment or not being able to perform two to six activities of daily living.

      Long-term care coverage pays for costs not covered by regular health insurance, such as one-on-one care in your home by a family member or a health professional, a nursing facility, a assisted living facility or adult day care facility.

      “Benefits are paid monthly or daily, and traditional ltc insurance reimburses the actual cost of care up to policy maximums,” says greg kingler, director of wealth management for the government employee benefits association .

      How do state association long-term care insurance plans work?

      Many states have partnerships with long-term care insurance companies that encourage people to purchase long-term care. Participating insurance companies agree to specific provisions in their association policies that financially protect policyholders who exhaust their benefits and wish to apply for Medicaid.

      Before Medicaid begins paying benefits, you must first use up most of your assets; the specific amount varies by state. partnership programs protect your assets up to the full benefit amount of your long-term care policy.

      For example, if your state requires you to spend your assets up to $1,500 and you have a $500,000 society-approved long-term care insurance benefit, you could keep up to $501,500 in assets and still qualify for Medicaid.

      types of long-term care insurance

      Understanding which type of ltc policy is right for you and your loved ones can help you make the right decisions and give you peace of mind.

      Keep reading to learn more about the two main types of limited liability insurance policies.

      independent long-term care insurance policies

      A traditional long-term care insurance policy may reimburse you for some of the costs of care you receive at home, in a nursing home, or in a residential care facility.

      This type of policy generally offers some flexibility in what type of care you receive, when and where you receive it, and for how long.

      Stand-alone long-term care insurance policies provide a monthly benefit amount that is paid over a benefit period. benefit periods typically range from two to five years, and benefits are disbursed after an elimination period, which typically ranges from 30 to 90 days.

      You can add additional riders to your LTC policy that increase or modify coverage, such as one that adds inflation protection to prevent your benefit from losing value as the cost of living rises.

      hybrid long-term care insurance policies

      Hybrid long-term care policies typically combine two types of coverage: a qualifying annuity or life insurance policy and a long-term care rider.

      The advantages of a hybrid life/long-term care insurance policy include:

      • The policy will pay a guaranteed death benefit to its beneficiaries if the policyholder does not use long-term care insurance benefits.
      • Premium payments are guaranteed not to increase over the life of the policy.
      • subscription is less strict and the price for women could be lower.
      • But hybrid long-term care insurance policies also have drawbacks, at least for some:

        • Premiums can be much higher than stand-alone long-term care insurance.
        • Buying life insurance later in life is much more expensive than buying it when you’re younger
        • Ultimately, the decision to purchase a stand-alone or hybrid policy will depend on your personal and financial goals. an insurance agent could guide you to the best option for you.

          If you’re looking for a life insurance policy, click here to see our ranking of the best life insurance companies.

          how much does long-term care insurance cost?

          Before looking at how much a long-term care insurance policy might cost you, it’s important to put the costs of long-term care into perspective, as they are rising exponentially.

          Between 2020 and 2021, the average cost of assisted living facilities increased by 4.65%, homemaker services by 10.64%, and home health aide services by 12.50%.

          See also: How much does an MRI cost with or without insurance? | Tripment Health

          Long-term care costs can vary depending on the services provided and where they are provided, whether at home, in an assisted living facility, or in a nursing home.

          According to the 2021 Genworth Cost of Care Survey, the median daily cost of homemaker services is $163, while a home health aide costs $169. assisted living costs are lower, averaging $78 per day for adult day care and $148 for assisted living facilities.

          The average annual cost of various care options is as follows:

          • homemaker services: $59,488
          • home health aide: $61,766
          • adult day health care: $20,280
          • assisted living facility: $54,000
          • semi-private room in nursing home: $94,000
          • private room in a nursing home: $108,405
          • When it comes to long-term care insurance costs, the american association for long-term care insurance (aaltci) says that in 2022, the average annual premium for a policy benefit equal to $165,000 would cost you to a 55-year-old couple $2,080 (combined), while individual policies would cost $950 for a 55-year-old man and $1,500 for a woman of the same age.

            Long Term Care Insurance Cost Factors

            the following are some of the many factors that determine your ltc policy premiums:

            age and health

            Planning ahead pays off: the younger you are, the less expensive your premium will be. according to an aaltci study, the majority of applicants whose coverage requests were denied were in the 60-79 age bracket. you may be required to undergo a medical exam to receive coverage.


            according to data from the administration on aging, on average, women outlive men by about five years. Since a woman is more likely to file a claim than a man, premiums for women tend to be more expensive.

            marital status

            The cost of long-term care insurance tends to be less for married couples than for single people.

            insurance company

            Prices vary depending on how the insurer values ​​the risk and benefits offered by the policy. It’s important to compare at least three quotes from different providers to make sure you get the best price for the coverage you need.

            selected coverage

            The cost of long-term care insurance will also depend on the length of the policy term, the amount of coverage you select, and whether or not you purchase additional coverage through a policy rider, such as protection against inflation or return-of-premium death benefit.

            what might disqualify you from long-term care insurance?

            Insurance companies price risk differently, which means some may be more lenient than others when it comes to certain risk factors. In general, long-term care insurers will pay close attention to your medical history and any family history of debilitating illness.

            Being in poor health or needing help with activities of daily living could make it harder to get approved for coverage or qualify for lower premiums.

            alternatives to long-term care insurance

            If private insurance isn’t the right solution for your long-term care insurance needs, there are some alternatives available, such as government programs and your own savings.

            medicare and medicaid

            As a joint federal and state public insurance program for low-income Americans in need of health care, Medicaid is the largest public payer of long-term care services, but not all nursing homes accept it. Medicare, on the other hand, only covers limited long-term services and supports.

            If you purchase private long-term care insurance coverage, you risk “spending out” your benefits while in a nursing home. If this happens, you could qualify for Medicaid, so make sure the nursing home is eligible for this program.

            In contrast, Medicare only offers very limited coverage for short-term care, applicable only in the event of illness or injury and if you meet certain conditions, primarily if you require skilled services or rehabilitative care.

            These programs vary by state and eligibility is based on your income and assets. some states have higher income limits for nursing homes, for example.

            if you didn’t qualify for medicaid in the past, you can do so while receiving care in a nursing home. For more information about coverage in your state, contact your state Medicaid office.

            veterans health administration

            Veterans Health Administration and other state-administered assistance programs offer help with long-term care expenses for eligible veterans and low-income communities.

            help to veterans & The Support Pension Benefit is another federal program that provides long-term care support coverage for veterans and their spouses.

            The benefit is tax-free and can be used for home care, community and assisted living or to pay for a private nursing facility. however, it does have some requirements. veterans must be unable to perform at least one activity of daily living, have served during wartime, and need financial assistance.


            People who have a lot of money saved for retirement are likely to be able to afford long-term care costs on their own.

            This is especially viable if you own the home you live in, are willing to sell it to cover long-term care costs (and have someone who can help facilitate the sale and help you move).


            In addition, if you have a health savings account (HSA), you may be able to claim a large portion of the medical expenses associated with long-term care, allowing you to take advantage of the pre-tax benefits associated with hsa accounts. in fact, people age 55 and older are allowed an additional $1,000 for “catch-up” contributions above the 2022 individual contribution limit of $3,650.

            Obviously, self-financing is not an option for those who lack such resources, or who prefer not to risk depleting their savings to pay for long-term care, perhaps because it is a priority for them to pass on their wealth to heirs . .

            latest news on long-term care insurance


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