Long-term care insurance can help you cover care in your golden years — here are the best policies
These policies can even help you cover the cost of care at home later on in life.
Long-term care insurance is a great way to ensure you'll have the resources to receive the best possible care if you face an impairment or illness in your older years.
According to the Administration for Community Living and the Administration on Aging, someone turning 65 has close to a 70% chance of needing some long-term care or support in their older years.
And, having long-term care needs doesn't automatically mean a stay at a nursing facility — many of the best long-term care insurance policies can also cover care at home or in an assisted living facility.
Long-term care insurance can help you get the care you want to live your golden years as well as possible. CNBC Select researched long-term care insurance companies so you can choose the best long-term care insurance for your needs. (See our methodology below for more information on how we made this list.)
Best for seniors
Mutual of Omaha Long-Term Care Insurance
Cost
The best way to estimate your costs is to request a quote
Standout benefits
Mutual of Omaha offers long-term care insurance policies with benefit periods between 24 and 60 months and are available to those between ages 30 and 79. Discounts are available to those with partners and those who fall into the preferred health class.
- Flexible elimination period options of 90, 180 or 365 days could lower the cost of a policy
- Cost estimates available online
- Benefits like return of premium and inflation protection cost extra
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Who's this for? Mutual of Omaha accepts applicants between ages 30 and 79, making coverage more accessible to senior applicants. While a medical exam may be required, Mutual of Omaha does offer discounts for couples totaling 15%, 5% if only one partner is insured, and a 15% discount for those in the premier health class.
Standout benefits: Mutual of Omaha policies include access to a care coordinator, and premiums are waived while receiving benefits.
Best for customer service
MassMutual CareChoice Long Term Care and Life Insurance
Cost
The best way to estimate your costs is to request a quote
Standout benefits
MassMutual's CareChoice One and CareChoice Select combine the usefulness of a long-term care insurance rider with the convenience of a whole life insurance policy. Policies include a guaranteed long-term care benefit pool, death benefit and increasing surrender value. Additionally, MassMutual is known for providing excellent customer service.
- High ratings for customer satisfaction from J.D. Power
- Low complaint index from the NAIC
- Very little detailed information on policies available online
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Who's this for? MassMutual's CareChoice One and CareChoice Select are hybrid whole life insurance policies that provide a guaranteed long-term care benefit pool, death benefit and surrender value.
Standout benefits: MassMutual scored highly for customer satisfaction in J.D. Power's individual life insurance survey. The company also has a low complaint index with the National Association of Insurance Commissioners.
Best for versatility
Nationwide CareMatters
Cost
The best way to estimate your costs is to request a quote
Standout benefits
Nationwide's CareMatters policies offer coverage combining long-term care benefits with life insurance coverage with a guaranteed death benefit and long-term care coverage. Nationwide's flexible policies also allow for cash coverage rather than a reimbursement policy and come without restrictions on how funds can be used.
- Highly rated by J.D. Power's Individual Life Insurance Study
- Nationwide CareMatters Together not available in California and New York
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Who's this for? Nationwide's hybrid policies are a good fit for anyone wanting to combine universal life insurance with long-term care insurance. The company offers policies for individuals and couples through its CareMatters and CareMatters Together policies.
Standout benefits: Nationwide's CareMatters policies offer flexible coverage options, including one-time payments, or annual or monthly payments for five years, 10 years, or to age 65 or 100. It also offers benefit periods ranging between two and seven years and inflation protection options of 3%, 5% and indexed by the Medical Care Component of the Consumer Price Index from the Bureau of Labor Statistics.
Best for inflation protection
Brighthouse SmartCare
Cost
The best way to estimate your costs is to request a quote
Standout benefits
Brighthouse's policies provide the flexibility of an indexed universal life insurance policy with the protection of long-term care coverage through a rider. It offers several ways to protect your benefits against inflation, including benefits that grow with a market index, is tied to a fixed rate for growth, or remain level
- Variety of options to protect benefits against inflation
- While no medical exam is required, there are strict guidelines for approval and many conditions that will not qualify
- Does not offer quotes online
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Who's this for? For anyone wanting to be sure that their long-term care benefits will stand the test of time, Brighthouse's long-term care insurance policies offer hybrid policies that can participate in market growth in two ways — either through an indexed option or a fixed growth option — or stay the same with a level option.
Standout benefits: Brighthouse offers cash indemnity policies, which provide monthly cash payments instead of requiring monthly reimbursements.
Best for discounts
New York Life My Care
Cost
The best way to estimate your costs is to request a quote
Standout benefits
New York Life's My Care long-term care insurance is a traditional policy that can cover care at home or in a facility at up to 80% of expenses. Four levels of coverage can provide lifetime maximum benefits between $50,000 and $250,000 and offer access to a care planning team to work with your and your family.
- Available in all 50 U.S. states and the District of Columbia
- Only offers 80% reimbursement rates on all plans
- Does not offer quotes online
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Who's this for? New York Life stands out for offering a variety of policy choices, including two traditional long-term care insurance options and Asset Flex, a hybrid policy. Both have several riders and levels of coverage to choose from to make your policy fit your needs and budget.
Standout benefits: New York Life's My Care long-term care insurance policy offers a generous 25% discount for couples, though that decreases to 10% if only one partner is approved. Current New York Life customers can also save 5% on premiums in the first year. Plus, premiums are guaranteed not to increase in the first three years, unless you make changes to your coverage.
Best for comparison shopping
GoldenCare
Cost
Varies by provider
Standout benefits
GoldenCare is one of the largest long-term care insurance brokerages and has been helping people get connected to policies that fit their needs and budgets since 1974. GoldenCare works with long-term care insurance policies, life insurance and hybrid life insurance and long-term care insurance policies. Additionally, it offers services for prescription drug plans, medicare advantage plans and other insurance for seniors.
- A+ rating with the Better Business Bureau
- Not all plans available in all areas
- GoldenCare is an insurance brokerage, not a provider
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Who's this for? GoldenCare is a long-term care and Medicare marketplace that can be useful for those wanting to shop around and compare coverage to save. Carriers in the marketplace include Nationwide, National Guardian and Mutual of Omaha, among others.
Standout benefits: The company also offers Medicare supplement and advantage plans, as well as life insurance and annuities.
Compare offers to find the best life insurance
More on our top long-term care insurance companies
Mutual of Omaha
Mutual of Omaha is a top-rated life insurance provider, also featured on our lists of the top life insurance companies as a top pick for seniors and top children's life insurance companies. It's highly rated for customer satisfaction and financial strength and is one of the few life insurance companies to offer stand-alone long-term care plans.
2023 J.D. Power Individual Life Insurance Customer Satisfaction Index
805 out of 1,000
A.M. Best rating
A+
NAIC complaint index (1 is expected)
.81, below average
MassMutual
MassMutual has been insuring Americans since 1851 — more than 170 years. And, its financial strength and customer satisfaction are still points of pride today. Its CareChoice long-term care products are hybrid whole life insurance policies — standalone long-term care coverage is not available.
2023 J.D. Power Individual Life Insurance Customer Satisfaction Index
809 out of 1,000
A.M. Best rating
A++
NAIC complaint index (1 is expected)
.02, low
Nationwide
Nationwide has been in the insurance industry for over 90 years and offers many types of insurance, including car insurance, homeowners insurance and more. Its long-term care coverage is highly customizable and has no restrictions on how long-term care benefits can be used, so you are permitted to use benefits to pay relatives or unlicensed caregivers providing care.
2023 J.D. Power Individual Life Insurance Customer Satisfaction Index
840 out of 1,000
A.M. Best rating
A+
NAIC complaint index (1 is expected)
.07, low
Brighthouse
Brighthouse specializes in annuity and life insurance products and has over 2 million insurance and annuity contracts on its books. It only offers hybrid life insurance and long-term care policies, not stand-alone long-term care policies. It stands out for paying out benefits through cash indemnity, meaning customers won't need to provide receipts to receive payments.
2023 J.D. Power Individual Life Insurance Customer Satisfaction Index
739 out of 1,000
A.M. Best rating
A
NAIC complaint index (1 is expected)
.38, low
New York Life
Since 1845, New York Life has been helping Americans protect their financial futures with stability and financial strength. It offers standalone long-term care policies, as well as life insurance policies with long-term care coverage available as an add-on. Those who die before age 65 will have their premiums returned to their beneficiaries.
2023 J.D. Power Individual Life Insurance Customer Satisfaction Index
794 out of 1,000
A.M. Best rating
A++
NAIC complaint index (1 is expected)
.14, low
GoldenCare
Serving as a long-term care insurance brokerage since 1974, GoldenCare partners with over a dozen top insurance carriers, including several reviewed above.
2023 J.D. Power Individual Life Insurance Customer Satisfaction Index
Varies by company
A.M. Best rating
Varies by company
NAIC complaint index (1 is expected)
Varies by company
FAQs
What are the main types of long-term care insurance?
There are three main types of long-term care insurance: a traditional standalone policy, a hybrid long-term care and life insurance policy and a life insurance policy with a long-term care rider, according to life insurance advocacy group Life Happens.
Standalone policies only cover long-term care expenses, while hybrid policies cover both long-term care and provide a death benefit. Life insurance with a long-term care rider uses a policy modification to use some of the death benefits while you're alive to cover care expenses.
What is typically covered in a long-term care policy?
Long-term care insurance covers care for chronic illnesses and diseases, according to the American Association for Long-Term Care Insurance (AALTCI). These benefits are triggered when you're unable to perform two of six basic activities of daily living (also called ADLs) independently. These include bathing, dressing, transferring from a bed or a chair, eating, toileting and continence. Cognitive diagnoses like Alzheimer's or dementia can also trigger benefits.
These policies can cover your care at a long-term care facility, but can also help you manage these issues in your home or cover services like adult day care.
How much does long-term care insurance cost?
Long-term care insurance costs vary widely by age according to the AALTCI's 2023 data on the cost of long-term care insurance.
At age 55, an annual premium for a single male with $165,000 of benefits would cost about $900 per year, increasing to $3,500 per year with an inflation protection component that grows benefits 5% yearly, according to 2023 data from the AALTCI. A 55-year-old female would pay about $1,500 per year for the same $165,000 of coverage, increasing to $6,200 per year for 5% inflation protection. As a couple at age 55, they would pay about $2,080 for coverage or $8,575 including 5% inflation protection.
For a 65-year-old single male, a policy with $165,000 in benefits would cost about $1,700 per year, and a 65-year-old female would pay about $2,700 per year. That increases to $4,200 for a male and $7,225 for a female when including a 5% inflation benefit. As a couple, two 65-year-old people would pay about $3,750 per year for the same benefits, or $9,575 per year including 5% inflation protection coverage.
What is the oldest age for long-term care insurance?
Most companies limit new long-term care insurance policies to those in their 60s or early 70s. However, some long-term care insurance companies, including Mutual of Omaha, allow new policies up to age 79.
Bottom line
Needing long-term care for a chronic condition isn't something most people like to think about. However, getting coverage for these situations could help protect your assets and help your family if you need help caring for yourself in the future. Getting coverage while you're younger can help you save on premiums and be sure that future health complications won't keep you from getting coverage later on.
Many long-term care insurance policies have lifetime maximums on how long they will pay out — generally, two to four years of care, though unlimited policies exist. If you go with a policy with a lower limit, you may want to set aside extra funds in a deposit account where your money is insured and earns interest, such as a high-yield savings account.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every long-term care insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of long-term care insurance products. To research the best long-term care insurance companies, we compiled over 100 data points on more than a dozen long-term care insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best long-term care insurance companies.
Our methodology
To determine the best long-term care insurance companies, CNBC Select analyzed dozens of long-term care insurance companies and compared them based on various factors.
While narrowing down the best long-term care insurance companies, we focused on the company's options for elimination periods, benefit or face amounts and benefits periods. We also considered the company's A.M. Best rating, a measure of the company's financial strength and ability to pay claims. We also considered companies' complaint indices from the National Association of Insurance Commissioners, and scores from J.D. Power's Individual Life Insurance Customer Satisfaction Index. We also considered other factors, including any discounts offered, whether a medical exam was required, rider availability and the issue ages for new policies.
Note that the premiums and policy structures advertised for long-term care insurance companies are subject to fluctuate per the company's policies.
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