15 Best Long-term Care Insurance Companies In USA 2024
15 Best Long-term Care Insurance Companies In USA 2024. 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.
Long-term care services such as nursing homes, assisted living facilities, in-home health care and adult day care come with astronomical costs that could add up to over $100,000 per year. Long-term care (LTC) insurance is a smart way to get ready to face what can be a hefty cost later in life. Long-term care insurance policies are designed to reimburse you for those costs sparing you a potential financial crisis.
This post will go through how many types of long-term care insurance coverage available in USA, and much long-term care insurance costs in states such as Florida, California, etc.
List of Best Long-Term Care Insurance Companies
- New York Life: Best for Financial Stability.
- GoldenCare Insurance: Best for Comparing Multiple Providers.
- Northwestern Mutual: Runner-Up for Financial Stability.
- Nationwide: Best for Policy Customization.
- OneAmerica
- Medicaid
- Mutual of Omaha: Best for Stand-Alone LTC Insurance.
- Hybrid LTCI Policies.
What is long-term care insurance?
Long-term care (LTC) insurance policies cover the daily cost of care from home health aides, adult day care centers nursing homes and assisted living facilities. LTC services help people with chronic conditions or disabilities with daily tasks such as eating, bathing, dressing, using the toilet, transferring, incontinence, housekeeping, taking medications, grocery shopping and even pet care.
How Much Does Long Term Care Insurance Cost In Florida?
The average annual cost of long-term care insurance in Florida for a single 55 year old is $2,352 per year, which comes out to $196 per month. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.
What are the Best Long-term Care Insurance Companies In Florida
1. Comprehensive LTC Insurance Policy In Florida (Will Cover Both Types Of Policies)
Comprehensive policies are insurance plans that cover nursing care, assisted living, home care, and community care (such as adult day care) under the same regulations as the other two types of plans.
2. Nursing Home & Residential Care Facility Only (Coverage For An Assisted Living Facility)
Nursing home and residential care facility-only insurance policies cover care in nursing homes or Residential Care Facilities for the Elderly (RCFE) that provides assisted living services. These policies’ benefits must cover the cost of all LTC services you obtain in the facility, not just room, and board — up to the policy’s maximum daily benefit amount.
3. Home Care Only (No Coverage For Assisted Living Facilities)
Only housekeeping services and skilled home care are covered by In Home Care Only plans, which do not cover nursing homes or assisted living facilities. Benefits for home health care, adult day health care (ADHC), hospice, respite care, personal care, and homemaker services must all be included in these plans.
Other Best Long-Term Care Insurance providers In USA
4. Nationwide
Nationwide Mutual Insurance Company and its affiliates have grown to become among the world’s top financial services and insurance providers. While it’s known for its car insurance offerings, Nationwide offers stand-alone long-term care policies and combination packages. The company’s life Long-Term Care Rider policy offers flexible premiums and access to the death benefit that members can use if they need long-term care. Nationwide also offers linked-benefit policies, which extend LTC benefits beyond life insurance coverage.
5. Northwestern Mutual
Northwestern Mutual has grown to become one of the top financial services mutual organizations in the United States. The firm’s financial services and insurance offerings are split into multiple subsidiaries. Its long-term care insurance policies are issued by Northwestern Long Term Care Insurance Company, based in Milwaukee, Wisconsin. Boosting customer loyalty and satisfaction, Northwestern Mutual prices its LTC plans through “low lapse assumptions,” meaning it anticipates that most members will retain and use their benefits.
6. Genworth Financial.
Virginia-headquartered Genworth Financial offers long-term care insurance as one of its core products, providing both individual and group coverage along with caregiver support services. The firm does business in all 50 states, but not all LTC policies are available in every state. The company has over 1 million individuals and families on its LTC plans and has paid over $20.4 billion in claims for policyholders
7. State Farm.
Headquartered in Illinois, State Farm is one of the most recognized names in the insurance business. It offers a flexible care benefit rider, which allows members to take a portion of the policy’s death benefit if they need to receive benefits each month. This option is available nationwide, with the exception of Massachusetts, New York and Wisconsin.
8. New York Life
New York Life Insurance Company currently operates as the largest mutual life insurance firm in the United States. The firm offers traditional long-term care insurance and plans with a combination of long-term care and life insurance benefits. New York Life’s traditional LTC plans are best suited for people who already have their life insurance and retirement income needs met. New York Life offers these plans through its My Care and Secure Care products. New York Life offers a combination of long-term care and life insurance coverage through its Asset Flex product. Premiums start at $10,000, and you can choose to pay the balance up front or through multiyear installments. Through this combined plan, members can pay for a set period of time and receive their money back if they don’t need long-term care.
9. GoldenCare Insurance
GoldenCare is one of 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.
10. Mutual of Omaha
Mutual of Omaha is a well-known financial service and insurance firm in the United States. Mutual of Omaha’s long-term care policy stands out for its flexibility and opportunities for discounts. Members have the option to receive a reimbursement benefit after completing the policy’s elimination period (when LTC costs are the customer’s responsibility) or receive a cash benefit without an elimination period. Most notably, Mutual of Omaha offers a 15% discount to policyholders for being in good health. Members can also save 15% on premiums when they are issued a policy with their partner. Or, they could save 5% if they’re married but their partner doesn’t buy a policy.
11. California Long Term Care Insurance Services (CLTC)
California Long Term Care Insurance Services, also known as CLTC Insurance Services, is an independent insurance brokerage that specializes in selling long-term care insurance and related products in the state of California. Since CLTC’s services are limited to one state, it did not make our main list.
12. Brighthouse Financial
Brighthouse Financial is an insurance company specializing in annuities and life insurance policies. It sells an indexed universal life insurance policy called SmartCare that provides long-term care benefits through riders; it does not sell stand-alone LTC policies. Brighthouse Financial’s limited selection of long-term care products, below-average customer satisfaction score, relatively low AM Best rating and high NAIC complaint ratio disqualified it from our main list.
13. Transamerica
Transamerica allows policyholders to customize their long-term care insurance coverage based on the price range they can afford. However, its low J.D. Power score and high NAIC complaint ratio kept it out of our main list.
14. Lincoln Financial Long-Term Insurance
Lincoln Financial offers two hybrid life and long-term care insurance policies with unusually high maximum issue ages (up 80 years of age). However, the applicant must be in good health and meet other underwriting criteria (which may include income or asset requirements).
15. OneAmerica
OneAmerica is a financial services and mutual insurance company specializing in life insurance and annuity products. It offers hybrid life insurance policies and annuity plans with LTC benefits. It didn’t make our list because of its relatively high NAIC complaint ratio and low financial strength ratings.
Recommendation
- 7 Worst Long Term Care Insurance Companies | Is it worth it?
- 10 Best Insurance certification courses | Types of insurance certifications.
- Life Insurance Exam Questions And Answers PDF: Free Life Insurance Exam Study Guide
