Even though no one wants to think about it, aging and deteriorating health are unavoidable, hence the need for the best long-term care insurance companies.
According to the Administration for Community Living and the Administration on Aging, about 60% of Americans will require assistance, for at least a time, with daily activities like getting dressed or preparing meals.
We’ve compiled the 15 best long-term Insurance companies, based on the benefits offered and their terms.
Long-term care services, including care in your home or a nursing home facility, can be costly. On average, a home health aide visits five days a week for $34,210, while a semi-private room in a nursing home costs $89,297.
As you age and require assistance with daily tasks like bathing, dressing, and eating, as well as care for conditions like Alzheimer’s disease, Parkinson’s disease, and dementia, long-term care insurance (LTC) can assist you in covering the costs of your care.
Your long-term care expenses are covered by or reimbursed by long-term care insurance. It might offer crucial security as you get older and need help. As you grow older, you need to know the best long-term care insurance companies to choose from.
Table of contents
- Which company provides the broadest long-term care coverage?
- What are the best long-term care insurance companies in 2023?
- FAQs On Best Long-Term Care Insurance Companies
Which company provides the broadest long-term care coverage?
New York Life is our top choice for the most financially stable long-term care insurance companies in 2023. One of the oldest mutual insurance providers in the country, it has excellent financial ratings, the second-highest of any insurance company on our list, regardless of type.
What are the best long-term care insurance companies in 2023?
If you’ve been asking, “What are the top best long-term care insurance companies in 2023?”, you’ll find your answer in this article. If you’re looking for a long-term care insurance policy, these are our picks for the best long-term care insurance companies in 2023.
GoldenCare is an insurance broker that links clients with top insurance companies rather than an insurance company. GoldenCare’s partner lenders for long-term care insurance include Mutual of Omaha, NGL, and Thrivent. As a result, they are at the top of our list of the best long-term care insurance companies.
It offers a variety of coverage options, including those for high-risk or historically ill-insured individuals. Various other products are also available, such as life, accident, and Medicare Supplement insurance.
There isn’t much information about available policies online, and getting coverage requires working with an agent. However, you will be given a long-term care specialist who will guide you through each step of the application procedure.
2. New York Life
Second, on our list of the best long-term care insurance companies of 2023 is New York Life. The financial stability of New York Life sets it apart.
It has the highest possible rating of A++ (Superior) from AM Best, a credit rating company specializing in assessing insurance companies. New York Life’s strong operating results and corporate profile were mentioned in AM Best’s statement on the rating.
You need to be certain that the insurance company you select for life and long-term care coverage is financially stable and will likely remain so for many years. New York Life has received the highest financial strength rating from AM Best.
And in terms of financial stability and prospects for the future, S&P Global ranks New York Life as one of the five strongest corporations in North America.
Several long-term care products are available from New York Life, including standalone coverage and hybrid life and long-term care policies. However, there isn’t much information about its policies on its website; you’ll need to speak with an agent for specifics and prices.
3. Mutual of Omaha
Mutual of Omaha is one of our best long-term care insurance companies. The cost of long-term care insurance can be high. However, you may be eligible for several discounts through Mutual of Omaha, which could significantly reduce your rates. You can reduce your premiums by 30% by taking advantage of its discount programs.
The highly regarded company, Mutual of Omaha, is one of the best long-term care insurance companies that provide significant savings, like:
- When you and your partner are issued under the same policy form, you will receive a 15% partner-issue discount.
- If you’re married and your spouse doesn’t buy a policy, you can save 5%.
- You can get a 15% discount if you’re in good health.
Long-term care insurance from Mutual of Omaha is offered as a standalone product, and applicants as young as 30 can be covered. It also lets you personalize your coverage by adding extra features like premium refunds, monthly home health care benefits, spouse premium waivers, and survivorship benefits.
Like other long-term care insurers, the partner discount is only available if you have lived with your partner for at least three years at the time of application, and coverage is only offered through agents.
It can be not very clear to shop around for various insurance types and manage various policies. However, Nationwide is one of the best long-term care insurance companies that offer life insurance with the option to add long-term care insurance as a rider, providing comprehensive coverage under a single policy.
Nationwide operates differently from the other companies on our list, which provide stand-alone long-term care insurance. It only provides long-term care insurance as an add-on to specific life insurance policies.
Long-term care insurance is not an add-on for a Mutual of Omaha is a well-known long-term care insurance provider that offers significant savings, such as a 15% partner-issue discount when you and your partner are issued under the same policy form.term or whole life insurance; you can only get it if you sign up for a variable or universal life policy.
The benefit of a hybrid policy, also known as a life insurance policy with long-term care benefits, is that you can become eligible for coverage at a much younger age. With standalone policies, you must typically be 30 or older to be covered.
However, if you’re at least 21, you can add a long-term care rider to Nationwide’s life insurance policy. Additionally, you can buy additional insurance policies from Nationwide and be eligible for multi-policy discounts.
5. Northwestern Mutual
Due to its superior financial standing and above-average customer service ratings, Northwestern Mutual is included on our list of the best long-term care insurance companies. According to the NAIC’s National Complaint Index Report, it also has an incredibly low complaint index for long-term care policies.
With Northwestern’s QuietCare traditional long-term care policy, you can choose a maximum monthly benefit in $100 increments ranging from $1,500 to $12,000. Additionally, it offers four options for elimination periods: six, 12, 25, or 52 weeks. (An elimination period is between when you first require medical attention and the beginning of the policy’s benefit period.)
This policy has a significant flaw in that it will only pay for services provided by providers approved by the plan; however, not all approved care providers are licensed in every state.
6. Haven Life
Haven Life is on our list of best long-term care insurance companies because it offers high coverage amounts, immediate online coverage, and a comprehensive, user-friendly website.
The company provides simplified issue term life insurance, which eliminates the need for a life insurance medical examination. To apply, you must be between 20 and 55 years old.
Five, ten, fifteen, and twenty-year terms of coverage are offered, and the insurer also provides an accelerated death benefit rider. The range of policy amounts is $25,000 to $500,000. You can apply online; if accepted, coverage might begin immediately.
Although you might need to undergo a medical exam to be eligible for coverage, Haven’s term life application can be completed online and approved in minutes.
Candidates 64 years of age and younger can apply for policies with coverage levels as high as $3 million. Policies come with an integrated accelerated death benefit rider and are available in 10-, 15-, 20-, 25-, or 30-year terms.
7. Guardian Life
With various term lengths available, Guardian is one of our list’s best long-term care insurance companies. It offers term life insurance and extends coverage to people living with HIV, a condition that can make it challenging to obtain life insurance.
Applications are accepted from those between 18 and 75, and coverage amounts begin at $250,000. Policies come in 1, 10, 15, 20, and 30 years.
Additionally, Guardian provides insurance for HIV-positive individuals. You must be between the ages of 20 and 65 and meet specific eligibility requirements, like receiving antiretroviral therapy.
Standard-term life insurance is provided by MassMutual, along with an annual renewable policy and free protection for low-income parents through its LifeBridge program.
Term life insurance policies from MassMutual are offered in 10-, 15-, 20-, 25-, and 30-year increments. The company is on our list of the best long-term care insurance companies because it provides yearly renewable-term life insurance, but if you select that option, you can anticipate paying higher premiums over time.
The MassMutual Term Life policy has a 75-year-old maximum issue age and a $100,000 minimum level of coverage. Before the cutoff date noted in your policy documents, you can switch to permanent life insurance.
Suppose the family’s annual total income is between $10,000 and $40,000. In that case, the parent or legal guardian of a child under 18 may be eligible for a free policy through MassMutual’s LifeBridge program. If a parent or legal guardian passes away, the $50,000, the 10-year policy, is intended to help cover the cost of the child’s education.
9. Pacific Life
Ninth on our list of best long-term care insurance companies is Pacific Life. If policyholders convert their term life insurance from Pacific Life to permanent coverage after ten years, they will receive a cash credit.
Policies are offered with a minimum $50,000 coverage amount and term lengths of 10, 15, 20, 25, and 30 years. For an additional fee, you can add life insurance riders like an accelerated death benefit, a waiver of premium, or a child term rider.
The Pacific Elite Term policy can be converted to a permanent policy within the first 10 years, making it a more conversion-friendly product. Additionally, your new policy includes a cash credit that can partially offset the cost of the first year’s premiums for your new permanent coverage.
10. State Farm
State Farm is on our list of best long-term care insurance companies and a reliable option because it received the highest customer satisfaction rating in J.D. Power’s 2022 U.S. Individual Life Insurance Study.
The minimum amount of coverage is $100,000, and applicants between the ages of 18 and 75 may apply. A child rider, term rider, or waiver of premium rider can be added for an additional fee. Three different term lengths are 10, 20, and 30 years.
This policy covers a specific number of years, just like the typical term life product. But you get your premiums back if you live longer than the term. Application requirements include being between 18 and 60, and 20- and 30-year terms are offered for coverage. However, remember that return-of-premium life insurance frequently costs more than regular term policies.
You can apply in person for insurance the same day with a State Farm agent. The policy has a 10-year term or until you turn 50, whichever comes first, and the maximum amount of coverage is only $50,000.
Even though USAA’s coverage has elements specifically created for service members, anyone can purchase its policies. One reason why it made our list of the best long-term care insurance companies
You can obtain USAA life insurance without having any military ties. However, this kind of policy was developed with military personnel in mind. The terms range from ten to thirty years. Applicants between 18 and 70 can apply for coverage ranging from $100,000 to $10 million. If you’re between 18 and 35, you can add another $100,000 in coverage after certain life events, such as having a child or getting married.
This policy does not need a medical exam because it renews annually. Applicants between the ages of 21 and 35 are eligible. It expires when you turn 39 and provides $100,000 in coverage. The states of Arizona and New York do not offer this policy.
Military members are covered by USAA life insurance during times of war, and it also helps cover expenses if you suffer a serious injury while performing your duty. If you retire or leave the military, it also enables you to replace your lost group coverage.
12. Lincoln Financial Group
Lincoln Financial Group is on our list of the best long-term care insurance companies because it has the best “no waiting period” policies so that you can enjoy immediate access to your benefit payout, so we selected it as the best for a brief waiting period (without having to fork out even more money for a rider, in addition to your monthly premium).
Payments begin immediately for all covered services, including those provided by nursing homes and assisted-living facilities.
The period between the day you initially require a service covered by the policy and the day your benefits begin covering the additional care you require is known as the “waiting period” by almost all long-term care insurers. The Lincoln Financial Group has the best policies for brief waiting periods, earning an AM Best rating of A+ (Superior).
For coverage in the event you require a nursing home or assisted living facility, both its MoneyGuard II and MoneyGuard III policies have zero-day elimination periods. The typical waiting period for insurers is 90 days.
MoneyGuard II, an optional long-term care benefit rider on a universal life insurance plan, has locked-in premiums, tax-free reimbursements for qualifying long-term care expenses, and no deductible.
Avoid requiring long-term care? Lincoln Financial Group will return 100% of your paid premiums, or you can opt for a tax-free death benefit for your beneficiaries. The alternative no-waiting-period plan, MoneyGuard III, offers inflation protection, a couples discount, and requires no medical exams or lab tests.
Additionally, Lincoln Financial Group provides a terminal illness rider, which provides up to $250,000 in case a terminal illness is discovered.
Since 1906, when a young businessman by the name of Amadeo P. Giannini established a bank in San Francisco to ensure that everyone could access financial services, Transamerica has stood for innovation. Transamerica now advises its customers to prioritize their long-term health while pursuing financial success.
Transamerica is on our list of best long-term care insurance companies because they provide exceptional and innovative insurance and financial products at competitive prices.
But they also demonstrate to people how their wealth and health can complement one another, allowing them to pursue financial wellness while lowering their health risks and enjoying the benefits of less stress. What use is wealth if you can’t enjoy it because of your health?
14. Minnesota Life
You understand that your finances might need to last 20 years or more to enjoy your retirement options fully. For unforeseen costs, you may have even put aside some extra money in a secure location like a bank or another account with little interest.
Minnesota Life is one of the best long-term care insurance companies because they provide the best option for you and your family in collaboration with your financial advisor.
A hybrid life and long-term care insurance policy already include long-term care benefits. Your insurance plan would offer a benefit to help with the cost of your care if you develop a chronic illness. In addition to guaranteed premium payments, hybrid policies also include a premium return option and a death benefit.
OneAmerica provides whole life and term insurance for both individuals and groups. It offers whole life and term insurance for both individuals and groups. The company’s website offers a wide range of tools and educational materials.
Still, there is very little information about its life insurance policies, which makes it challenging to compare the firm to other insurers. You are probably better off dealing with a different company that offers more information to the general public if you want to research your options before speaking with an insurance agent.
Long-term care policies typically have elimination or waiting periods where you are solely responsible for your care before your insurance kicks in. These periods are typically 30, 60, 90, or 120 days. Benefit triggers: You must fulfill specific requirements to use your long-term coverage.
Long-term care insurance is a significant purchase that warrants careful consideration. With so many variables to take into account, such as the length of time you will need coverage and the cost of care per day, it is wise to choose experienced and reputable top long-term care insurance companies.
The said companies should have agents who will take the time to discuss your unique needs with you and help you find the insurance that best suits your needs and your budget.
In light of this, we advise speaking with a knowledgeable insurance broker who has experience working with each of the long-term care insurance providers we’ve listed. We advise inquiring about the agent’s representation of all the top best long-term care insurance companies.
Otherwise, begin making plans for your long-term care insurance by getting in touch with any of the top best long-term care insurance companies that most closely match your needs.
FAQs On Best Long-Term Care Insurance Companies
Most long-term care claims start when a person is 80 years old. Because of this, the best time to buy is typically between 50 and 65. The price decreases as you get younger, but you’ll have to pay premiums longer if you buy too early.
5 Important Things to Think About Before Purchasing Long-Term Care Insurance;
The daily compensation sum.
Protection against inflation.
How long are benefits paid?
The time frame before benefits start.
The primary barrier to purchase for consumers is price. This is unsurprising given that premiums for people 60 years and older average around $2,500 annually. In a 2007 industry survey, over 80% of non-buyers stated that price was the main deterrent to long-term care insurance purchasing.
Long-term care insurance is subject to medical underwriting. Your gender also has a significant impact on your premiums because women typically live longer than men do.
The average cost of a policy for a 55-year-old man was $1,700 per year, while the average cost for a 55-year-old woman was $3,141 per year, according to the American Association for Long-Term Care Insurance. The typical price for married couples was $3,050.
Long-term care can be costly; the value for a private room in a nursing home can be $290 per day.
- www.money.com – Best long-term care insurance
- www.verywellhealth.com – Best long-term care insurance
- www.sacbee.com – 6 Best life term care insurance
- www.nerdwallet.com – Best term life insurance
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