Best Long-Term Care Insurance – Planning for the future often means preparing for the unexpected, and long-term care insurance plays a big role in safeguarding your finances and ensuring access to quality care.
With the rising costs of healthcare, finding the best long-term care insurance can provide peace of mind and financial security for you and your loved ones.
Long-term care insurance covers essential services such as assistance with daily activities, nursing home care, and in-home support, which may not be included in traditional health insurance or Medicare.
Choosing the right policy can be challenging, but understanding the top providers and their offerings can help you make an informed decision that aligns with your needs and budget.
So, what are you waiting for, let’s explore some of the best long term care insurance.
What Is Long-Term Care Insurance?
Long-term care (LTC) insurance is a type of coverage designed to help pay for extended care services that aren’t typically covered by regular health insurance.
These services include adult day care, hospice care, nursing home stays, and assistance with activities of daily living (ADLs) like eating, bathing, and dressing.
The costs of long-term care can be substantial. For example, a private room in a nursing home averages $7,698 per month, and a home health aide usually charges more than $20 per hour.
Having LTC insurance can ease the financial burden of these expenses, making it a valuable consideration for many.
Best Long-Term Care Insurance Providers
The best LTC insurance providers listed here were evaluated based on coverage options, customer satisfaction, financial stability, and flexibility in benefits. Here’s a look at some of the top companies:
Bankers Life
Bankers Life offers policies with a maximum issue age of 84, making it accessible to older individuals. Its standout feature is a no elimination period option, allowing immediate access to benefits.
Additionally, it provides inflation protection options ranging from 2% to 5%, helping your coverage keep pace with rising costs.
However, the policy’s maximum benefit period is two years, which might not meet the needs of those requiring extended care. Additionally, it doesn’t reimburse for informal care provided by family members.
GoldenCare
GoldenCare is a brokerage specializing in long-term care products. It works with multiple insurers to find a policy that fits your needs. GoldenCare also offers hybrid plans that combine life insurance with LTC benefits, making it a versatile option.
The platform simplifies the selection process by comparing multiple providers, but since it is not an insurer, the specifics of policies depend on the chosen carrier.
Nationwide
Nationwide stands out for its diverse range of policies. It offers three main options:
- A guaranteed benefit plan.
- A shared pool of benefits for couples.
- A universal life policy with a long-term care rider.
Nationwide also provides a caregiver advocacy tool to connect customers with local care services. However, policy costs may vary depending on the benefits selected, and careful evaluation is advised.
National Guardian Life
National Guardian Life offers the option of lifetime maximum benefits, which ensures coverage without a cap on total payouts. It also provides a short elimination period of just 30 days, faster than many competitors.
The coverage is available to individuals aged 40 to 79, but it doesn’t reimburse for informal family care. This limitation might make it less appealing to some policyholders.
Mutual Of Omaha
Mutual of Omaha allows for extensive customization, offering features like inflation protection and a shared care option for couples. It also provides a return-of-premium benefit for unused coverage at the end of the policy term.
The company includes care coordination services, helping policyholders manage their long-term care needs more effectively. These options make it a strong choice, but premiums can vary depending on the selected add-ons.
Thrivent Financial
Thrivent Financial offers long-term care coverage starting at age 18, making it a great option for younger individuals. It provides extended benefit periods of up to eight years and a minimum elimination period of 30 days.
The policy also covers homemaker services and custodial care, ensuring a broad range of benefits. However, its average premiums tend to be higher than those of competitors.
Northwestern Mutual
Northwestern Mutual offers discounts of up to 15% for couples who both purchase long-term care policies. It also provides flexibility with hybrid policies that combine whole life insurance and LTC coverage.
The company’s financial strength and policy options make it a reliable choice, but the availability of discounts and features may depend on the payment method and specific policy terms.
New York Life
New York Life is known for its financial stability and comprehensive policy options. Some policies cover up to 100% of care costs, and premiums on standalone plans are guaranteed for the first three years.
Additionally, New York Life offers a return-of-premium feature and dividend-eligible policies, such as Secure Care and My Care. These added benefits enhance its value for policyholders.
Is Long-Term Care Insurance Worth It?
Long-term care insurance can be a valuable investment, but it depends on individual circumstances.
While it offers significant financial protection against high care costs, premiums can be expensive, and the benefits might not always align with your needs.
For some, hybrid policies that combine life insurance with long-term care coverage can offer more flexibility and additional benefits.
Evaluating your health, age, and financial situation can help you determine if LTC insurance is the right choice.
Conclusion
The best long-term care insurance providers were chosen based on their flexibility, coverage options, and financial stability. Whether you need extensive benefits or are looking for budget-friendly options, there’s a policy to fit your needs.
Always review the terms carefully and consult with an expert to find the best plan for your situation.
