Top 5 Long-Term Care Insurance Companies

Securing the best long-term care insurance is fundamental to healthcare planning. According to government statistics, 70% of people over the age of 65 will require some form of ongoing care and support later in life. However, less than one third of Americans over 50 have begun saving for long-term care.

A long-term care policy can help cover expenses associated with your care as you age, including assistance with everyday activities or specialized care related to Alzheimer’s disease, Parkinson’s and dementia.

We found that the best long-term care policy must include flexible benefit options, responsive customer service and a streamlined claims process. If you’re considering this type of insurance policy, our picks for the best long-term care insurance can help you get started. Read more below.

Top 5+ Picks for the Best Long-Term Care Insurance Companies

1. Nationwide: Best for Policy Customization

We chose Nationwide as the best long-term care insurer for policy customization because its CareMatters® II plan is one of the best hybrid policies available. Its numerous terms and customizable design makes it stand out from its competitors.

CareMatters® II is a flexible hybrid policy tied to a fixed-premium universal life insurance plan that will pay out a guaranteed minimum death benefit — even if you receive long-term care. Unlike other LTC policies, which require you to pay out of pocket and submit a claim for reimbursement, CareMatters® II pays cash benefits, so you can avoid all the monthly paperwork and have more spending options. For example, you are free to hire an unlicensed caregiver (like a family member or friend) and use the cost difference for other expenses.

Couples looking for long-term care coverage can opt for Nationdwide’s CareMatters Together℠ plan, which offers a shared pool of benefits that can be used by either spouse or partner. For example, if a couple buys a policy with 6 years of shared benefits and one spouse needs care for one year, the other spouse would still have five years of coverage remaining.

Regardless of which of these products you choose, you have the option of funding the policy through a one-time payment or monthly or annual payment for 5 years, 10 years or up to a specified age. And the plans’ benefit period options range from two to seven years. As an alternative to LTC insurance policies, Nationwide also offers an LTC rider that can be added to various life insurance policies, presumably permanent ones.

2. Mutual of Omaha: Best for Stand-Alone LTC Insurance

Mutual of Omaha is our choice for the best long-term care insurer for stand-alone LTC policies because it’s one of just six companies currently offering stand-alone long-term care plans. Moreover, it’s the only insurer on our list offering two such policy options — and they are both customizable.

Mutual of Omaha offers two stand-alone long-term care plans. Stand-alone, also known as “traditional,” LTC policies tend to be more affordable than hybrid insurance products or life insurance policies with an added LTC rider. These policies can be a good option for those solely interested in covering future long-term care expenses — without spending more than they need to.

The two stand-alone policy options are MutualCare Custom Solution and MutualCare Secure Solution, which include:

• Monthly benefits from $1,500 to $10,000
• Elimination periods between 0 and 365 calendar days
• Policy limits from $50,000 to $600,000
• Waiver of premium benefit
• Optional inflation protection benefit

3. New York Life: Best for Financial Stability

We chose New York Life as the best long-term care insurance company for financial stability because policyholders don’t have to worry about the company’s ability to pay claims. New York Life has strong financial ratings AM Best (A++) as well as Fitch (AAA), Moody’s (Aaaa) and Standard & Poor’s (AA+).

New York Life is our 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. The company also ranks above industry average in J.D Power’s 2022 U.S. Individual Life Insurance Study.

New York Life offers two long-term care insurance options: stand-alone LTC policies and a hybrid long-term care and life insurance policies. Maximum daily benefits range from $50 to $400 per day and waiting periods between 0 and 365 days. You can choose a benefit period of two, three, five, seven or 10 years.

4. Northwestern Mutual: Runner-Up for Financial Stability

We chose Northwestern Mutual as our runner-up for financial stability because three out of four credit rating agencies award it top financial strength ratings, and the fourth gives it its second-highest grade. Such stability signals to policyholders that their money is well-invested and the insurer will likely be able to make claim payments in the future.

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, and ranks fourth in J.D Power’s 2022 U.S. Individual Life Insurance Study.

Northwestern’s QuietCare traditional long-term care policy lets you select a maximum monthly benefit from $1,500 to $12,000 in $100 increments. It also lets you choose between four elimination period options: six, 12, 25 or 52 weeks.

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.

5. GoldenCare Insurance: Best for Comparing Multiple Providers

We chose GoldenCare as the best long-term care insurance option for comparing multiple providers because it partners with 18 well-known insurance carriers to help match customers with companies that can meet their needs. You can get multiple quotes in one place, and a Golden Care agent can guide you through the process.

As an online insurance broker, GoldenCare partners with some of the most prominent long-term care insurance providers to help customers find the best options for their needs.

GoldenCare currently partners with 18 insurers (some of which are part of our top picks), including Mutual of Omaha, Transamerica, Aetna, Thrivent, Securian Financial, OneAmerica and National Guardian Life Insurance Company.

The company matches clients with a long-term care specialist who will work on their care plan and recommend the insurer that best aligns with their situation. GoldenCare also offers various insurance products for Medicare clients.

For those who don’t qualify for long-term care insurance because of a pre-existing condition, GoldenCare offers critical illness insurance policies. A critical illness policy may cover loss of income, co-pays, rehabilitation, travel, lodging, home modifications and medical equipment such as wheelchairs and portable oxygen.