Best Long-Term Care Insurance Companies – Long-term care insurance pays for services for persons with chronic diseases or disabilities who require assistance caring for themselves. These expenses may include hospice care, respite care, stays in assisted living facilities, nursing care, physical therapy, and assistance with personal care, such as showering and clothing.
The best long-term care insurance is available from reliable businesses with excellent ratings and positive reviews. It offers low pricing, multiple types of coverage, and discounts. Some insurers do not require elimination periods. This article will list and discuss some of the best long term care insurance companies to check out this year.
Best Long-Term Care Insurance Companies
Here are six of the best long-term care insurance companies to check out, which include
Bankers Life
First on our list of the best long-term care insurance companies is Banker Life. It stands out for its simple choice standard policy, with a generous maximum issue age.
It offers a high maximum issue age of 84, provides an option for an elimination period of 0 days, and four levels of benefit increases, which help you offset inflation. However, its maximum benefit period is two years, which may not be enough depending on how long you need long-term care, and their informal family care isn’t reimbursable, unlike other competitors.
Mutual of Omaha
Mutual of Omaha comes in second, a privately held mutual insurance company with over 100 years of experience in the industry, offering two long-term care plans, which are Mutual Care Custom Solution and Mutual Care Secure Solution; three types of discounts to policyholders that are worth up to 15% in savings; the option to change your preferred benefit payment method; and several optional benefits available.
However, inflation protection costs extra, the premium refund costs extra, there is only one long-term care plan, premiums are likely to increase over time, and the couples discount is only available if married or living together for 3 years.
If discount is your major priority, then you should consider opting for this insurance on their long-term care policy.
Lincoln Financial Group
Lincoln Financial Group has been in business since 1905, offering four health plans with no waiting period, long-term care insurance policies with a high maximum issue age, and providing benefits to people living abroad and a strong financial rating.
However, it has no online quotes; you must reach out to an agent for pricing details, and you’ll need to wait six years for the return of the premium.
Brighthouse Financial
Brighthouse Financial stands out for its easy-to-benefit payouts because it requires no receipts, and dependents can receive payouts.
It offers indexed long-term care, a coverage option that allows your benefit to grow to a maximum growth rate, a strong financial rating, and has been in business since 1863. However, it has no online quotes; you’d have to contact their agent for specifics, and it’s limited to only one plan.
Transamerica
Transamerica is a financially stable firm, offering a great selection of life insurance policies and riders. As a long-term care insurance rider for individuals with universal life policies, it has multiple riders available for customization of life insurance policies.
However, it does not issue new long-term care insurance policies. Their long-term care riders are limited, and because it is not available with all life insurance products, you can’t file an online claim.
National Guardian Life
Lastly, we have National Guardian, which offers international benefits and emergency response system coverage. As a couple, you get to share a policy and premium; it offers inflation protection and two returns for premium riders; and it also has a shared benefit rider, which allows you to access a third pool of money.
However, it has a low benefit amount ranging from $50 to $300; only two benefit period options can be offered unless you purchase a rider; and their waiver of premium is only available when comprehensive benefits are selected.
Frequently Asked Question
Who pays the most for LTC?
The most frequent source of assistance is Medicaid, which provides multiple state-based programs to those who qualify based on income or disability. These programs include home and community-based services, adult foster care, and Medicaid personal care services. For more information, contact your state’s Medicaid agency.
What is the optimal age to purchase LTC insurance?
The ideal age to apply is in your mid-50s. You can secure your good health, and there are policies available that let you purchase some coverage now and add to it in the future.
Who is most likely to require long-term care insurance?
Long-term care (LTC) insurance covers nursing-home care, home-health care, and personal or adult daycare for people aged 65 and over, as well as those with a chronic or disabling condition that requires daily supervision.
What is the main disadvantage of long-term care insurance?
One of the most significant disadvantages of purchasing long-term care insurance is the danger of losing all of the premiums you have paid over time. If you do not need long-term care services, you will not be eligible for coverage.
