The Best Long-Term Care Insurance Companies of 2024

Investing in long-term care insurance is a prudent step towards securing your future healthcare needs. It's important that you pick the right company.

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In the current age of medical advancements, people are living longer than ever before. As we age, the need for long-term care (LTC) services often arises. These services, which can range from home health care, assisted living, nursing home stays to adult day care, come with staggering costs that can quickly deplete one’s savings. For this reason, investing in long-term care insurance is a prudent step towards securing your future healthcare needs.


Understanding Long-Term Care Insurance

Long-term care insurance is a specialized type of coverage designed to help cover costs associated with long-term care services. These services encompass a broad spectrum of care levels, from in-home health aides and adult day care, to full-time care in assisted living facilities or nursing homes.

The mechanics of long-term care insurance are akin to any other insurance product. You pay premiums over a period of time, and the insurer, in turn, provides a daily or monthly benefit to cover the cost of eligible long-term care services.


Why You Need Long-Term Care Insurance

The need for long-term care insurance is underscored by the staggering costs of long-term care services. For instance, a private room in a nursing home can cost upwards of $100,000 per year, while in-home care services can run approximately $50,000 annually.

Most standard health insurance policies, including Medicare and employer-sponsored plans, don’t provide comprehensive coverage for long-term care. This is where long-term care insurance comes to the rescue, offering a financial safety net for these hefty out-of-pocket costs.


When to Buy Long-Term Care Insurance

The best time to invest in long-term care insurance is typically in your mid-to-late 50s. The cost of premiums tends to increase with age, and waiting too long could also result in you being denied coverage due to pre-existing medical conditions.


How to Choose the Best Long-Term Care Insurance

Selecting the best long-term care insurance requires careful consideration of several factors. These include the insurer’s financial stability, policy options, coverage limits, elimination period (the time before the insurance starts paying for care), and premium costs. It’s also important to understand what services are covered, the policy exclusions, and the terms for inflation protection.


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Top Long-Term Care Insurance Providers

Based on an extensive analysis of various factors such as financial strength, policy options, and customer satisfaction, the following are the top long-term care insurance providers:

Mutual of Omaha

Founded in 1909, Mutual of Omaha offers a flexible long-term care policy that stands out with its attractive discount options. Policyholders have the option to receive a reimbursement benefit after completing the policy’s elimination period or receive a cash benefit without an elimination period. The company also provides an attractive 15% discount for healthy policyholders or those who purchase a policy with their partner.


Guardian is known for its robust long-term care insurance offerings that provide comprehensive coverage for a variety of long-term care services. Guardian’s policies stand out for their flexibility, allowing policyholders to tailor their coverage to meet their specific needs.


With a wide array of long-term care insurance offerings, Nationwide stands out as a top provider. The company offers three types of policies — one with guaranteed benefits, one with a shared pool of benefits for couples, and a third that combines universal life insurance with a rider to cover long-term care costs.

New York Life

New York Life offers a combination of long-term care and life insurance coverage. The company’s policies are known for their flexibility of care and high daily coverage limits. What sets New York Life apart is their money-back guarantee. If long-term care isn’t needed, policyholders can get their premiums refunded.

One America

One America stands out for its comprehensive long-term care coverage options. The company offers traditional long-term care insurance, as well as combination products that pair long-term care coverage with life insurance or annuity benefits.


Thrivent offers comprehensive long-term care insurance plans that are designed to meet a variety of needs. The company is known for its customer-centric approach, offering personalized solutions to help individuals plan for potential long-term care costs.

Comparing Long-Term Care Insurance Providers

When comparing long-term care insurance providers, it’s important to consider each company’s policy options, coverage limits, and premium costs. It’s also crucial to understand the policy’s elimination period, inflation protection terms, and any potential discounts available. You can contact each company individually, or, for a much faster and easier route, you can request your quotes from the unbiased insurance experts at Leverage. We’ll guide you through your options and answer any questions you have along the way. 

Selecting a Long-Term Care Insurance Policy

Choosing the right long-term care insurance policy requires careful consideration of your individual needs and financial circumstances. You’ll need to assess policy costs, payment due dates, and acceptable forms of payment. Also, consider if you can manage your account or file claims through a website or mobile app.

Cost of Long-Term Care Insurance

The cost of long-term care insurance varies depending on several factors, including your age, health, coverage amount, and policy terms. On average, long-term care insurance premiums can range from $1,500 to $3,000 per year. However, premiums tend to increase with age and may be higher for those with pre-existing health conditions.

Discounts on Long-Term Care Insurance

Some insurance providers offer discounts on long-term care insurance policies. These discounts can be based on good health, marital status, or purchasing multiple insurance products from the same insurer. Be sure to inquire about any potential discounts when shopping for long-term care insurance.

Benefits Payout and Policy Exclusions

Most long-term care insurance policies pay benefits based on a daily or monthly maximum amount. It’s important to understand the terms for receiving benefits, the elimination period, and any policy exclusions. Remember, long-term care insurance policies typically do not cover all types of care or conditions, so it’s crucial to read the fine print.

Alternatives to Long-Term Care Insurance

Aside from long-term care insurance, there are several other ways to plan for potential long-term care costs. These include using personal savings, investing in an annuity with a long-term care rider, or relying on government programs such as Medicaid or Veterans Affairs health care.

Key Takeaways

Investing in long-term care insurance is a prudent step towards securing your future healthcare needs. However, it’s crucial to shop around and compare various providers to find the best long-term care insurance that suits your needs and budget. It’s also beneficial to work with an unbiased insurance expert who can guide you through the process and help you make the most informed decision. Remember, planning for long-term care is not just about protecting your finances; it’s about ensuring you receive the care you need when you need it most.

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