Best Long Term Care Insurance Companies 2024
Long-term care insurance (LTC) can help you pay for the costs associated with your care as you get older and need help with everyday activities — such as bathing, dressing and eating — or care related to diseases like Alzheimer's, Parkinson's and dementia. Most people over 65 will require long-term care sometime in their lives, with women needing care longer than men and having to pay more as a consequence.
Table of Contents
Best Long-Term Care Insurance Companies Of 2024
Following are the top long-term care insurance companies of 2024:
- Nationwide: Best for Customer Satisfaction
- Mutual of Omaha: Best for Discounts
- Golden Care Insurance: Best Marketplace
- New York Life: Best for Financial Stability
- Northwestern Mutual: Runner-up for Financial Stability
Top 5 Companies Offering Long-Term Care Insurance
Let us talk about all the top 5 insurance companies that offer long-term care insurance in detail.
1. Nationwide
Nationwide is one of the largest insurers in the United States, and was ranked among the best for customer satisfaction in J.D. Power’s 2021 U.S. Life Insurance Study. As a well-known national insurer, Nationwide's reputation adds an extra layer of assurance for customers looking to invest in financially secure products.
Nationwide sells universal life insurance policies with long-term care riders. While coverage depends on your location, you don’t have to submit receipts to get your monthly benefit and can use it for a variety of desired scenarios, including in-home care and care from family members.
PROS
- Offers universal and variable universal life insurance policies with LTC rider
- Inflation protection is available through their CareMatters II policy.
- Informal caregivers permitted
- Quotes available online
CONS
- No online chat is available at this time
2. Mutual Of Omaha
Mutual of Omaha offers three types of discounts: 15% for partners using the same policy, 15% for being in good health and 5% for married customers (whose partners aren’t under the same policy). It also came in fifth place for customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study and has a solid financial strength rating of A+. Mutual of Omaha offers long-term care insurance coverage exclusively as a stand-alone product.
PROS
- Offers a discount of 15% for partners who purchase the same policy
- Offers a discount of 15% to individuals in good health
- The policy includes a care coordinator
- Choose your benefit payment method from month to month (cash or reimbursement)
CONS
- A couples discount is only available if married or if living together for 3 years
3. Golden Care Insurance
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. It partners with Mutual of Omaha, Transamerica, Aetna, Thrivent, Securian Financial, OneAmerica and National Guardian Life Insurance Company.
The company assigns clients a long-term care specialist who will work with them on their care plan and guide them toward the insurer that best aligns with their situation.
PROS
- Specializes in critical care, life and long-term care hybrid policies, life insurance and annuities
CONS
- Doesn't offer policies directly but connects customers with insurance carriers instead
4. New York Life
New York Life is our top pick for 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 nation’s oldest mutual insurance providers.
New York Life offers two types of long-term care insurance options: traditional stand-alone policies and combination long-term care and life insurance policies.
PROS
- Policies can cover 100% of care costs
- Premiums are guaranteed not to increase on hybrid (life/LTC) policies
- Offers a money-back guarantee for hybrid policies if the insured doesn't use the policy
CONS
- Benefit period options and covered benefits may vary by state
5. Northwestern Mutual
Northwestern Mutual makes our list thanks to its superior financial strength and above-average customer service rankings. It also has a remarkably low complaint index for long-term care policies, according to the NAIC’s National Complaint Index Report.
One major drawback of 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 every state.
PROS
- Premium Payment option waives premium once you meet the need for care, even if you're not yet receiving benefits
- Long-term care policies are "participating" policies, eligible for dividends
- Up to 20% of the maximum monthly limit can be used for caregiver education and training
CONS
- Doesn't provide online quotes
- Only two benefit periods: three or six years of protection
- Only covers care services from providers approved by the plan
Conclusion
Despite this, long-term care insurance isn’t as widely known as other types of insurance. Here's important information you need to understand and purchase a long-term care insurance policy.
Also Read:
