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Long-term care insurance offers you more security to manage health and personal costs that are not covered by Medicare, Medicaid, or most private health insurance plans. It’s often best to acquire long-term care insurance before you retire, as this will give you peace of mind as you age and as the need for assistance with daily tasks increases. However, no two long-term care insurance plans are exactly alike. In this guide, we’ll take a look at the best long-term care insurance carriers in 2023 to help you make an informed decision.
There are so many long-term care insurance carriers out there, and we know that narrowing down the list of options can be a challenge. We spent hours researching plans and identifying the ones that best meet the needs of older adults. When comparing options, we focused our attention on carriers that offer competitive premiums, multiple plan options, special discounts, ample coverage, and limited age restrictions.
Mutual of Omaha is a trusted insurance carrier offering various products, including long-term care insurance. Right from the start, you can get quick and easy estimates of your monthly premiums and future monthly benefits with Mutual of Omaha. This makes it easy to see exactly how far your benefits will go based on your budget. While Mutual of Omaha doesn’t offer a lot of plans to choose from, you can customize your plan based on your anticipated needs.
Mutual of Omaha stands out thanks to its discount options. If you and your partner decide to sign up for Mutual of Omaha LTC plans at the same time, you can qualify for a 15 percent discount. Even if your partner signs up through a different carrier, you can still qualify for a 5 percent discount on your monthly premiums. Regardless of your marital status, you can qualify for a 15 percent discount if you’re in good health at the time of your application. Since some of these discounts can be stacked, you could potentially pay 30 percent less for your coverage if you sign up with a spouse and you’re both in good health.
Though Mutual of Omaha may not be the cheapest LTC insurance carrier on the market, getting estimates of your costs up front is a huge plus. And, since the age limit is 79, there’s a good chance that you can get a policy, even if you’ve been retired for years. Keep in mind that not everyone will be eligible for a policy. If you’re recently married, you may have to wait up to three years to qualify for the couples’ discounts. Visit our Mutual of Omaha LTC insurance review to learn more!
National Guardian Life (NGL) has widespread coverage, with plans available in 49 states, plus the District of Columbia. NGL’s standard long-term care product, EssentialLTC, is specifically designed to be an affordable long-term care option for most consumers. To make EssentialLTC even more appealing, National Guardian Life offers a variety of benefits and payment options.
Pro Tip: Are you a former government employee or military veteran? If so, you may be able to get coverage through the Federal Long-Term Care Insurance Program. Just know that this program has temporarily suspended new applications as of December 19, 2022.
For example, you can choose to pay for the bulk of your insurance upfront or with monthly premiums. National Guardian Life also offers added benefits, like competitive rates, inflation protection, and lower-rate joint policies for couples or siblings living in the same household. If you’re unsure whether you want LTC insurance for life, you can opt for two- or three-year policies (that can often be extended up to six years) as well as fixed 10-year policies.
If a National Guardian Life LTC policy is available in your state, you should strongly consider checking out their options. You can customize your benefits, and choose from a wide range of term lengths. However, if you have a family history of conditions like cancer or Alzheimer’s disease, your application could be denied. If you’re interested in learning more about this carrier, head to our 2023 National Guardian Life LTC insurance review.
Thrivent is a quality long-term care insurance carrier with dozens of benefits to consider. Plans include monthly benefits ranging from $1,500 to $15,000 per month. Thrivent also offers return of premium and survivorship benefits in the event that the policyholder passes away before they can use their insurance. One unusual caveat with Thrivent is that, in the past, the carrier only offered its policies to Christian applicants. However, it has recently expanded its products and services to non-Christians.
You can easily access the carrier’s long-term care calculator, regardless of your faith. While many carriers offer a cost or benefits calculator in some form, Thrivent goes the extra mile by letting you see how much your costs would change using different variables. For example, you can calculate your estimated costs if you acquire a Thrivent LTC policy versus self-funding your long-term care using information, such as: your current age, where you plan to retire, when you expect your long-term care to begin, and how long you anticipate your care to last.
Thrivent has plans for just about every budget, along with plenty of benefits if you or a loved one pass away unexpectedly. The primary downside is that you can’t file claims online. Nonetheless, Thrivent has recently expanded its offerings to more people in more states, making it easier than ever to qualify for an affordable LTC plan. You can read our latest Thrivent long-term care insurance review for a closer look at this carrier.
Nationwide is a large provider that offers home, auto, life, and long-term care insurance in 47 states across the country. If you choose Nationwide, you’ll have a few plans to choose from, as well as some unique benefits that could be a great fit for your lifestyle. Nationwide long-term care insurance plans, for instance, have built-in benefits to pay for both formal and informal caregivers. They also offer multiple ways to combine life insurance with long-term care benefits, helping you avoid the use-it-or-lose-it drawback of stand-alone policies.
Where Nationwide really shines is its simple reimbursement process. Rather than digging through medical bills and receipts to get reimbursed for your long-term care costs, Nationwide automatically sends you the maximum monthly benefit for your plan as a cash indemnity benefit. That means as long as you’re receiving LTC care, you will get the maximum benefit in cash without having to jump through hoops to have individual expenses reimbursed. Nationwide’s cash indemnity benefit also allows you to use your cash for non-LTC expenses or even save it for future care.
Nationwide is one of the best options if you want a hybrid plan or an LTC rider for your existing life insurance plan. It’s even better if you want to avoid the hassle of submitting receipts and waiting to be reimbursed. Nationwide makes it extremely easy to get your benefits, use them as you see fit, and generally skip the hassle. Not everyone will be eligible for a Nationwide long-term care insurance plan, however, since the underwriting process can be strict. All plans also automatically require a 90-day waiting period, which means you’ll pay more up front if you require long-term care. Read our 2023 Nationwide LTC insurance review for more info.
Northwestern Mutual offers life insurance, long-term care insurance, and financial planning services to Americans of all ages. The carrier works particularly hard to provide quality plans and products to couples. If you’re considering an LTC plan for yourself and your significant other, NW Mutual is a great place to start.
Did You Know? According to the Administration for Community Living, roughly 60 percent of Americans will require some form of long-term care.1
You and your spouse can qualify for a discount of up to 30 percent with a Northwestern Mutual LTC insurance plan. If you already have a long-term care plan with NW Mutual, you can upgrade your plan and even qualify for additional savings. Plus, NW Mutual makes it easy to add an LTC rider to an existing whole life insurance plan.
Northwestern Mutual is a great option for older couples who want ample coverage for things like nursing homes, at-home assistance, or other costs that aren’t covered by traditional health insurance. Just remember that you may have to pay a bit more for your NW Mutual plan, and you’ll only be able to get a quote if you call the carrier directly.
MassMutual has been in business for more than a century and a half and is one of the most trusted names in the business. Unlike many other carriers, MassMutual treats eligible policyholders as part “owners” of the business, and the company shares dividends accordingly. While MassMutual used to offer traditional long-term care plans, it discontinued these offerings for new customers in 2021.
However, you can still access LTC insurance via MassMutual’s hybrid plans and life insurance riders. If you’re looking for life insurance plus long-term care insurance, MassMutual makes it easy to bundle these products and save on your monthly premiums.
MassMutual is a quality insurance carrier, but its decision to discontinue new standard LTC plans has made it a bit less desirable for some seniors. Fortunately, you can still take advantage of MassMutual’s competitive rates by acquiring a hybrid plan. And if you’re already in the market for life insurance, you could save by bundling more than one type of plan from MassMutual.
New York Life is a financially-strong and reputable carrier that offers insurance policies to consumers nationwide. New York Life has a plethora of benefits, including inflation protection, a three-year rate guarantee, and access to local agents in every state. The carrier stands out as one of the best LTC insurance carriers, thanks to its fast and easy claims process.
FYI: Even if you have Original Medicare and a Medigap plan, you will have virtually no LTC coverage without a separate long-term care plan.2
When you file a claim with New York Life, you won’t have to send your claim by mail (though you can still do so in many cases). Instead, you can file it online and keep track of your claim in New York Life’s member portal. This way, you can save time when you file a claim and check on the status in seconds.
New York Life offers many great benefits with its long-term care insurance plans. However, if you want to get a quote upfront, you may find New York Life’s application process to be a little slow. Nonetheless, this carrier offers excellent benefits and competitive rates, particularly during the first few years of your plan.
| Carrier | Number of policies | Issue age | A.M Best company rating | Online quotes | Online claims |
|---|---|---|---|---|---|
| Mutual of Omaha | 2 | Up to 79 | A+ | Yes | Yes |
| National Guardian Life | 3 | Up to 79 | A | No | Yes |
| Thrivent | 2 | Up to 79 | A++ | No | No |
| Nationwide | 3 | Up to 75 | A+ | No | No |
| NW Mutual | 2 | Up to 79 | A++ | No | No |
| MassMutual | 3 | Up to 79 | A++ | No | Yes |
| New York Life | 3 | Up to 79 | A++ | No | Yes |
Long-term care insurance covers many services that Medicare and Medicaid do not cover, including many of the products and services required to help with activities of daily living (ADLs). These often include:
While this is not an exhaustive list, it shows some of the biggest expenses that can be covered with a comprehensive LTC policy. Keep in mind that some carriers and plans cover more than others, and there are different types of plans to consider.
For example, many carriers offer traditional and hybrid long-term care plans. With a traditional plan, you will get the standard coverage outlined in your LTC policy. In most cases, these policies work on a “use it or lose it” basis. In other words, you have to pay your premiums, and if you never end up needing long-term care, you won’t get any of that money back.
Alternatively, a hybrid LTC plan functions as both a long-term care and life insurance plan rolled into one. You get long-term care benefits, but if you don’t ever use them, you can get a death benefit paid out to your beneficiaries. In the event that you do need long-term care benefits, your policy will often still pay out a death benefit, but it will be greatly reduced. If you want to compare traditional and hybrid plans, visit our guide to the best hybrid long-term care insurance.
There are also options to get LTC “riders” added to a life insurance policy. This functions much like a hybrid policy, but the primary benefits are still dedicated to life insurance. For example, if you get a life insurance policy with a death benefit of $250,000, you can use a small portion of that amount annually to pay for long-term care. This is known as an accelerated death benefit, and the amount can vary with each plan. Just remember that whatever you do use for LTC expenses will be subtracted from the benefits your beneficiaries will see. You can visit our guide to the best life insurance plans to learn more.
The cost of long-term care insurance can vary widely and is generally based on your age, health, gender, location, and degree of coverage. According to Forbes, a 62-year-old can expect to pay about $300 per month for long-term care insurance in 2023.3 This number can vary substantially based on several factors. If you don’t anticipate needing extensive long-term care, you can opt for a policy with lower benefit maximums and more affordable monthly premiums.
When searching for a long-term care insurance policy, there are a few tips you can follow to get the most out of your plan:
The biggest drawback of LTC insurance is that you’ll pay a substantial amount per month into your policy, with no guarantee that you’ll actually reap the rewards. Some people never end up needing long-term care, and if that applies to you, you’ll essentially be paying for peace of mind.
There’s no perfect age for acquiring long-term care insurance, especially since many young people with disabilities need LTC to cover their unique expenses. However, if you don’t have a disability and simply want coverage for the future, it’s a good idea to acquire a plan sometime between 50 and 60 years of age.
Long-term care insurance is generally divided into three main types: traditional, hybrid, and life insurance with an LTC rider. Traditional is often the most affordable, but you typically won’t have any way to get your money back if you don’t require long-term care.
There are various things that long-term care insurance does not cover, and it can vary from one carrier or plan to the next. That said, some common expenses that may not be covered in an LTC insurance plan include meal prep, transportation, and general housekeeping.
Matthew is a freelance writer who has written on a wide range of topics, from personal finance to nutrition. Over the past three years, Matthew has worked extensively on articles and guides for seniors related to Medicare, insurance, and finance. He has… Learn More About Matthew Jones
Administration for Community Living. (2023). What is Long-Term Care (LTC) and Who Needs it?
Medicare.gov. (2023). Long-term care.
Forbes. (2023). What Is Long-Term Care Insurance?
