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.
The seven-way tie is broken and the 2023 Big Ten Tournament bracket is officially set.
Michigan State earned the No. 4 seed in the event and will open play on Friday (2:30 p.m. ET) in Chicago, while Michigan earned the No. 8 seed and will open play against No. 9 seed Rutgers on Thursday (noon ET).
Both the Spartans and Wolverines entered the day among the seven Big Ten teams tied for second place in the conference standings at 11-6. But six Sunday games and a few tiebreakers helped sort the conference into its 14 seeds for the NCAA Tournament, including the Wolverines falling in overtime at Indiana. Michigan State finished its regular season with a Saturday win over Ohio State.
Purdue earned the top seed as the conference’s outright winner, followed by Northwestern at No. 2 and Indiana at No. 3.
All 13 games of this year’s Big Ten Tournament will be televised live, with the first, second and quarterfinal round games from Wednesday through Friday broadcast on the Big Ten Network, as well as on the FOX Sports app. The Big Ten Tournament semifinal and championship games will be televised live on CBS and the Paramount+ app.
Purdue (26-5, 15-5 Big Ten) is the No. 1 seed for the 2023 tournament after collecting its 13th outright Big Ten Championship and league-best 25th title overall. Ranked No. 5 in the nation, the Boilermakers have spent 15 consecutive weeks ranked in the AP top five, including seven weeks at No. 1.
Northwestern (21-10, 12-8) earned the No. 2 seed for the tournament after scoring a 65-53 win over Rutgers on the final night of the season. The Wildcats’ 12 Big Ten wins are the most in program history, while their 21 total wins are tied for second in program annuls.
Indiana (21-10, 12-8) claimed the No. 3 seed with a thrilling 75-73 overtime victory over Michigan. The Hoosiers have been ranked among the AP top 25 for 13 of the season’s 16 weeks. The team’s 12 conference wins are its most since the 2015-16 season when the team went 15-3 in Big Ten play.
Michigan State (19-11, 11-8) secured the No. 4 seed after navigating one of the nation’s toughest schedules. Per KenPom.com, the Spartans have faced the nation’s No. 1 toughest slate of opposing offenses in the country, the 14th-toughest slate of opposing defenses and ranks No. 5 overall in strength of schedule.
Each of the tournament’s top four seeds have earned double-byes and will open tournament play in Friday’s quarterfinal round.
The 2023 Big Ten Men’s Basketball Tournament schedule is as follows:
Wednesday, March 8 (First Round)
Game 1 (#12 Wisconsin vs. #13 Ohio State) – 5:30 p.m. CT (BTN)
Game 2 (#11 Nebraska vs. #14 Minnesota) – 25 minutes following Game 1 (BTN)
Thursday, March 9 (Second Round)
Game 3 (#8 Michigan vs. #9 Rutgers) – 11 a.m. CT (BTN)
Game 4 (#5 Iowa vs. Game 1 winner) – 25 minutes following Game 3 (BTN)
Game 5 (#7 Illinois vs. #10 Penn State) – 5:30 p.m. CT (BTN)
Game 6 (#6 Maryland vs. Game 2 winner) – 25 minutes following Game 5 (BTN)
Friday, March 10 (Quarterfinals)
Game 7 (#1 Purdue vs. Game 3 winner) – 11 a.m. CT (BTN)
Game 8 (#4 Michigan State vs. Game 4 winner) – 25 minutes following Game 7 (BTN)
Game 9 (#2 Northwestern vs. Game 5 winner) – 5:30 p.m. CT (BTN)
Game 10 (#3 Indiana vs. Game 6 winner) – 25 minutes following Game 9 (BTN)
Saturday, March 11 (Semifinals)
Game 11 (Game 7 vs. Game 8 winner) – 12 p.m. CT (CBS)
Game 12 (Game 9 vs. Game 10 winner) – 25 minutes following Game 11 (CBS)
Sunday, March 15 (Championship)
Game 13 (Game 11 vs. Game 12 winner) – 2:30 p.m. CT (CBS)
NOTES: All times are approximate and subject to change … BTN games are also available on the FOX Sports app … CBS games is also available on the Paramount+ app … for more information, please visit the tournament web site at (bigten.org/MBBT).
Big Ten Conference (bigten.org) is an association of world-class universities whose member institutions share a common mission of research, graduate, professional and undergraduate teaching, and public service. Founded in 1896, Big Ten Conference has sustained a comprehensive set of shared practices and policies that enforce the priority of academics in the lives of students competing in intercollegiate athletics and emphasize the values of integrity, fairness, and competitiveness. The broad-based programs of the 14 Big Ten Conference institutions will provide over $200 million in direct financial support to more than 9,800 students for more than 11,000 participation opportunities on 350 teams in 42 different sports. Big Ten Conference sponsors 28 official conference sports, 14 for men and 14 for women, including the addition of men’s ice hockey and men’s and women’s lacrosse since 2013.