The 3 Best Long-Term Care Insurance Providers of 2024
With the cost of care at an all-time high, a long-term care (LTC) insurance policy can help you pay for assisted living, nursing homes, or other care — in either your home or a facility. The best LTC insurance providers offer late issue ages, additional riders, discounts for couples, and flexible premium payment options. Some providers even eliminate waiting periods, so you can use your benefits as soon as you pay your first premium.
In this list, I’ve broken down the best LTC options — whether you want it as a standalone policy or as a bundle with life insurance. I evaluated them based on their available riders, the company’s financial stability, benefit amounts, and elimination periods that restrict when care begins.
FYI: To learn more about the ins and outs of these policies and how they work, check out my guide to LTC insurance.
The Best LTC Insurance Companies of 2024
- Mutual of Omaha : Late Issue Ages
- New York Life : Best Hybrid LTC and Life Insurance
- Nationwide : Linked Benefit LTC Solutions
Affordable LTC Insurance Providers Compared
|
Mutual of Omaha
 |
New York Life
 |
Nationwide
 |
|
|---|---|---|---|
| Rating out of 5 | 4.9 | 4.8 | 4.5 |
| Issue Ages | Up to 79 |
Up to 75 |
Up to 75 |
| Monthly Benefit Amount | $1,500 – $10,000 |
$1,500 – $7,000 |
$2,500 – $20,000 |
| Benefit Period | 2 – 5 years |
2 – 7 years |
2 – 7 years |
| Elimination Period | 0 – 365 days |
90 days |
90 days |
1. Mutual of Omaha - Late Issue Ages
What We Like Most:
- Policies issued up to age 79
- Inflation protection
- Standalone LTC policies
- No elimination periods on some policies
Overview
Policies Offered: MutualCare Secure Solution, MutualCare Custom Solution
A.M. Best Rating: A+
Monthly Benefit Amount: $1,500 – $10,000
Benefit Period: 2 – 5 years
Elimination Period: 0 – 365 days
Typically, LTC insurance providers will not want to issue policies to people who are too old, as they will want to cash in their benefits before adequate premiums are paid. However, Mutual of Omaha accepts clients up to age 79 — older than I’ve seen from any other provider. If you’ve waited a long time to shop for LTC and are worried you won’t be able to find coverage, Mutual of Omaha could be a great option for you.
Mutual of Omaha boasts a financial rating of A+ from AM Best. It also holds an A1 (stable) and an A+ rating from Moody’s and S&P, respectively, so you can depend on Mutual of Omaha to be around to pay for your care or an optional cash benefit.
That being said, it may not be the best option for unmarried people; married people get a discount of 5 percent, even if their spouse doesn’t sign up with them, or 15 percent if both partners sign up. People in bad health will also miss out on a 15 percent discount, so this is a better provider if you are older, married, and in good health. To learn more about this provider, read my guide to Mutual of Omaha LTC insurance.
Pros
- Late issue ages up to 79
- Protects retirement savings
- Built-in cash benefits with no elimination periods
- Covers respite care, hospice care, facility care, care coordination, and home health care
Cons
- Many benefits available only as add-ons
- No discounts for unmarried people and people in poor health
2. New York Life - Best Hybrid LTC and Life Insurance
What We Like Most:
- Options for LTC and life insurance
- Coverage for up to seven years of care
- Easy online portal for LTC policy owners
- 30-day free-look period for policies
Overview
Policies Offered: LTC Insurance Policy (traditional), Asset Flex, and NYL Secure Care
A.M. Best Rating: A++ (Superior)
Monthly Benefit Amount: $1,500 – $7,000
Benefit Period: 2 – 7 years
Elimination Period: 90 days
Many people do not want to buy LTC on their own, but instead want to purchase it in a bundle with life insurance. New York Life’s Asset Life plan combines life insurance and LTC insurance — providing coverages of up to $306,000 for LTC and $102,000 for life insurance. And one coverage does not exclude the other. For example, if you use your LTC benefits, your partner could still receive a death benefit.
For a 55-year-old female non-smoker, New York Life offers a one-time premium of $50,000, or installments if the person prefers. New York Life has an A++ rating from AM Best, same as USAA and higher than Mutual of Omaha, Nationwide, and Genworth. However, Moody’s gave it a negative outlook as of Nov. 14, 2023. To learn more about this provider, read my guide to New York Life LTC insurance.
Pros
- Long-term and life insurance options
- 30-day free-look period
- Exceptional customer service
- High coverage limits
Cons
- Traditional LTC policies may be denied to people with pre-existing conditions
- Negative financial outlook from Moody’s
3. Nationwide - Linked Benefit LTC Solutions
What We Like Most:
- Indemnity and reimbursement benefit options
- Unused LTC coverage funds go to beneficiaries
- No monthly bills or receipts for LTC
- Issued up to age 75
Overview
Policies Offered: Nationwide YourLife CareMatters, Long-Term Care Rider
A.M. Best Rating: A+
Monthly Benefit Amount: $2,500 – $20,000
Benefit Period: 2 – 7 years
Elimination Period: 90 days
A linked benefit LTC policy means that it includes a death benefit to your partner along with LTC. Nationwide’s version is called CareMatters, and it guarantees your premiums and death benefits — even if you use your entire LTC benefit. Your premiums, which you’ll pay either at once or in installments, will be linked to a universal life insurance policy, a type of permanent life insurance. Permanent life insurance, as opposed to term life insurance, will last the insured person the remainder of their life; this provides peace of mind that your partner will be financially secure long after you pass.
Premiums are fixed, meaning they won’t change for the life of your policy. If you don’t want to pay all at once, you can either buy annually or monthly for five or 10 years, or annually/monthly up to age 65 or age 100. Like Mutual of Omaha, Nationwide has an A+ rating from AM Best, along with an A+ or stable rating from Moody’s and an A+ rating from S&P. Unfortunately, Nationwide does not provide online quotes like Mutual of Omaha, so to get a quote you’ll need to call an agent directly.
To learn more about Nationwide, read my guide to Nationwide LTC insurance.
Pros
- Premiums guaranteed to not increase
- Flexible linked-benefit options
- Optional inflation protection
- Flexible payment plans (one-time, five years, 10 years)
Cons
- No stand-alone traditional LTC policy
- No online quotes
Honorable Mentions
The below LTC providers did not make the cut, but they could still be worth looking into.
- Pacific Life: While Pacific Life offers life insurance with LTC add-ons, LTC is not available as its own benefit.
- Northwestern Mutual: I like Northwestern Mutual for its low premiums and solid financial strength ratings. However, the company does not offer any LTC/life insurance hybrids; plus, with no online quotes, the buying process is a little arduous.
- GoldenCare: Technically, GoldenCare is not an insurance provider, meaning that it does not underwrite policies. Rather, it is an insurance agency that connects you with the underwriters. If you’re not sure which provider you want and want to use a middleman, GoldenCare could make the process smoother. That being said, it only connects people with 17 Medicare Advantage organizations, and not all plans will be available in all service areas.
- OneAmerica: Like with Pacific Life, OneAmerica offers LTC only as an add-on to life insurance and annuities; thus, it’s not an option if you wanted standalone LTC.
- Brighthouse: And last but not least, Brighthouse. Like Pacific Life and OneAmerica, it only offers LTC as a hybrid with a life insurance policy called SmartCare. For standalone LTC, check out Mutual of Omaha, Nationwide, or one of the above providers.
My Methodology
To evaluate LTC insurers, I examined the following criteria:
- Rider availability: Standalone LTC policies are a good option for some people; however, I also looked for providers that offer LTC riders to life insurance policies and riders that protect against inflation.
- Financial stability: I chose insurance providers that have maintained high ratings from credit rating agencies A.M. Best, Moody’s, and S&P Global. That ensures your provider won’t go bankrupt and fail to fulfill your policy.
- Affordable premiums: I chose LTC insurance policies that offer low-cost premiums that don’t rise over the course of the policy.
- Discounts: I looked for LTC insurance providers that offer discounts and shared coverage riders for older adults who wish to share the cost of coverage with their spouses and partners.
- Minimal exclusions: I focused on providers that offer coverage for individuals with pre-existing conditions or chronic illnesses. Each of these providers also comes with minimal exclusions or limitations with regard to your benefits.
What to Look for in LTC Insurance
While you’re shopping for LTC, keep the following factors in the forefront of your mind:
- High coverage limits and benefit amounts: The coverage limit is the maximum amount the policy will pay out over its benefit period. Figure out how much you want in total. The benefit amount is similar to the coverage limit, but it is the monthly maximum you’ll get. It’s important to find out how much you’ll need to cover LTC, taking inflation into account.
- Compatible issue ages: Some companies limit the age at which you can enroll. If you are older, you may be more limited as to which companies will accept you as customers.
- Exclusions: Additionally, some companies don’t accept certain pre-existing conditions.
- Standalone or hybrid policy: Figure out if you want LTC on its own or as a hybrid policy with life insurance. Life insurance policies pay out a death benefit to your partner, for the remainder of their lives or a fixed period of time.
- Premiums: Look for policies that fit your budget, as well as flexible payment options that you can afford.
- Financial strength ratings: Check AM Best, Moody’s, and S&P for strong financial ratings; this indicates a company’s stability and ability to pay out your benefits.
What Is Covered by LTC Insurance?
The purpose of LTC insurance is to cover the costs of LTC, which can be prohibitively expensive. According to the Administration for Community Living, this can include:
- Bathing
- Dressing
- Eating
- Getting in and out of bed
- Using the bathroom
- Moving around
- Getting in and out of a chair
LTC is expensive. According to Genworth’s Cost of Care survey, which tracks LTC costs across the U.S. each year, by 2033, assuming an annual inflation rate of 3 percent, you’ll pay the following median costs monthly for LTC:
- Home health aid: $8,456
- Adult day care: $2,766
- Assisted living facility: $7,190
- Semi-private room in a nursing home: $11,650
- Private room in a nursing home: $13,080
Also known as “person” or “custodial” care, LTC benefits people who have injuries, illness, or cognitive impairment. It can come in the form of unskilled workers, like caretakers, or skilled workers, like registered nurses. Additionally, this care can take place in your home, a process known as “aging in place”; in an adult day care; in an assisted living facility; or in a nursing home. You may need LTC for a finite period of time, or for the rest of your life; either way, LTC insurance guarantees that you’ll get the help you need.
Bottom Line
To get started on finding a LTC insurance policy, I recommend making a list of your top providers. From there, you can obtain online quotes and speak to an agent to obtain one.
Frequently Asked Questions
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What is LTC insurance?
LTC insurance helps pay for services (both in-home and community-based) that assist with activities of daily living. It helps offset the costs of care administered both at home and in senior-care communities.
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When should you buy LTC insurance?
Assuming you’re still in good health, the ideal age to purchase LTC insurance is between 60 and 65. Many insurers don’t issue policies to people older than 70.
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What disqualifies you from LTC insurance?
If you have a condition such as Alzheimer’s, Parkinson’s, or cancer, a provider may deny you coverage. It varies by insurer.
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How much LTC insurance do I need?
To figure out how much LTC coverage you need, look into the type of care you anticipate needing, whether it’s a nursing home, assisted living community, or home care services. Calculate how much the services will cost per month to get roughly the coverage amount you want.
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Who needs LTC insurance?
Since a majority of older adults will need LTC at some point, most people will benefit from LTC policies.
