June 24, 2024
Best Long-Term Care Insurance Companies of May 2024

Our Top Picks for the Best Long-Term Care Insurance Companies

Nationwide: Best for Policy Customization

Mutual of Omaha: Best for Stand-Alone LTC Insurance

New York Life: Best for Financial Stability

Northwestern Mutual: Best for Couples

GoldenCare Insurance: Best for Comparing Multiple Providers

Why we chose it: 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 make it stand out from its competitors.

 

PROS

Offers universal and variable universal life insurance policies with an LTC rider

Provides inflation protection riders and flexible payment schedules

Hybrid policies pay cash benefits

Unlicensed caregivers permitted

CONS

No stand-alone long-term care policies

Policy with shared pool of benefits not available in NY or CA

LTC rider isn’t available in Montana or U.S. territories

Nationwide offers two hybrid (also called linked-benefit) policies that cater to the needs of both individuals and couples. These policies are 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.

 

CareMatters® II pays cash benefits, so you can avoid the hassle of having to file for reimbursement every month.

CareMatters Together℠ is a plan for couples that provides a shared pool of benefits that can be used by either partner.

Both policies can be funded through a one-time payment or monthly or annual payment for five years, 10 years or up to a specified age.

Benefit period options range from two to seven years. Nationwide also offers an LTC rider that can be added to some of its life insurance policies.

Why we chose it: 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, its higher-tiered policy is highly customizable and even allows policyholders to choose between cash benefits and reimbursement.

 

PROS

Offers three types of discounts to policyholders

LTC policies include care coordination services

Option to change your preferred benefit payment method

Several optional benefits available, including return of premium and inflation protection

CONS

Couples discount is only available if married or living together for 3 years

Premiums are likely to increase over time

Mutual of Omaha offers two long-term care plans: MutualCare Custom Solution and MutualCare Secure Solution. These plans offer monthly benefits from $1,500 to $10,000, home care benefits, and international coverage for up to 12 months. They also provide stackable discounts: 15% for insured couples, 5% for married customers, and 15% for good health.

 

MutualCare Secure Solution allows policyholders to choose between cash benefits or a reimbursement-based structure, offers 24, 36, 48 or 60 months of coverage and three elimination period options (90, 180 and 365 calendar days).

Mutual Care Custom Solution provides a pool of dollars between $50,000 and $500,000 (in $500 increments), more elimination period options (0, 30, 60, 90, 180 or 365) and can be customized with survivorship and joint waiver of premium add-ons.

Optional benefits include inflation protection, return of premium, shared care, waiver of elimination period and a nonforfeiture option.

Why we chose it: We chose New York Life as the best long-term care insurance company for financial stability because it has superior financial strength ratings from AM Best (A++), Fitch (AAA), Moody’s (Aaa) and S&P (AA+). It also ranks above the industry average in J.D. Power’s 2023 U.S. Individual Life Insurance Study.

 

PROS

Some policies can cover 100% of care costs

Premiums on stand-alone policies are guaranteed for the first three years

Offers a return of premium on linked-benefit policies

New York Life Secure Care and New York Life My Care are eligible for dividends

CONS

Benefit period options and covered benefits may vary by state

No online quotes are available at this time

Asset Flex is not eligible for dividends

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