Basic Guide To The Best Long-Term Care Insurance

The expenses of caring for someone who needs help in their home are covered by long-term care insurance, a form of insurance. This might include assistance with everyday tasks, nursing, and personal care.

Today, customers have access to various long-term care insurance plans, each of which has advantages and restrictions. The ideal long-term care insurance plan depends on your unique requirements, tastes, and location.

You’ve decided to consume whole foods and lead a healthy lifestyle. You are carrying out exercise and other healthy activities. What if anything were to happen? What happens if you go off your bike and fracture your wrist or leg? How are you going to pay for the price of long-term care?

The following information will help you choose the best long-term care insurance:

Key Takeaways

  • What is long-term care insurance?
  • The 3 types of long-term care insurance
  • The typical things long-term care policy covers
  • The best age for long-term care insurance
  • Long-term care insurance cost
  • List of 5 best long-term care insurance companies
  • The biggest drawback of long-term care insurance
Long-Term Care Insurance

What Is A Long-Term Care Insurance?

If you are unable to pay for long-term medical treatments on your own, such as nursing homes and assisted living facilities, long-term care insurance covers the expenses.

It is a sort of health insurance that provides daily compensation if an accident, disability, or chronic illness prevents you from carrying out specific tasks or preserving your independence.

It may help pay for the expenses of the following services:

  • Assistance with home healthcare
  • Attendants for personal care
  • Individual help services (such as transport)

Long-term care insurance helps pay for assisted living, nursing homes, and other long-term care. How do you choose the right policy?

Suppose you need support with everyday duties you can’t do alone (such as bathing or dressing). Long-term care insurance might help pay for a trained caregiver’s goods and services.

Your family may get a yearly check or tax-free money from the insurance provider to pay for your care. Consider fees, premiums, deductibles, cost-sharing, and other advantages when choosing long-term care insurance coverage.

Don’t allow necessity to stop you from living your best life. The most significant long-term insurance covers unforeseen expenditures, not only assisted living or nursing home charges. It’s also about planning for things like transportation and house maintenance.

If someone you love needs help with daily routines like showering, dressing, and eating, you may be surprised by the cost. Even if they’re healthy, things don’t always go as planned, so consider long-term health insurance.

The 3 Types Of Long-Term Care Insurance

The fact that long-term care insurance covers a variety of costs for both you and your family members makes it a wise investment. But before you get any long-term care insurance, you must discuss your circumstances with a professional.

1. OneAmerica Hybrid Long-Term Care Insurance Policy

Are you a senior citizen needing assistance because you are behind on your payments? Has an illness or accident prevented you from working? Do you worry about what the future may hold for you? OneAmerica is available to assist. OneAmerica offers a variety of long-term care insurance plans, each with its unique set of benefits, to those who meet the requirements for coverage.

OneAmerica is a well-known company that offers older adults long-term care insurance. For seniors to keep their freedom in their latter years of life, they specialize in offering cheap, thorough, and high-quality benefits. To meet your requirements, OneAmerica offers a range of various options. The ideal option for you will be covered in greater depth below.

If you need assisted living or home health care, OneAmerica Hybrid, a long-term care insurance policy, will help ensure your protection. Although it has been specifically created to work with your Medicare benefits, this plan is not intended to replace Medicare and should not be used as such.

2. Of Omaha Long-Term Care Insurance Policy

The long-term care insurance plans offered by Mutual of Omaha are intended to assist you in covering the expenses related to a covered disease or accident. Your policy will cover certain costs not covered by other health insurance if you are diagnosed with a covered disease or accident.

A Mutual of Omaha long-term care insurance policy offers several advantages, including:

  • Coverage for long-term care services and supplies, such as those provided by nursing homes and adult family homes
  • Insurance that covers prescription pharmaceuticals, especially those used to treat chronic diseases (such as diabetes)
  • Hospice treatment is covered
  • A full range of coverage, including inpatient and outpatient care, ER visits, and doctor appointments

The long-term care insurance plan from Mutual of Omaha gives you the option of complete or supplementary coverage. You can add a policy to your current long-term care insurance policy or select a complete coverage that offers more benefits than your current policy.

3. Transamerica Long-Term Care Insurance Policy

Consider long-term care insurance in your 60s, 70s, and 80s. Long-term care insurance offers financial security and peace of mind for you and your family. Transamerica offers a variety of options to meet all of your requirements.

The most excellent method to protect yourself and your loved ones if you cannot care for them is with a Transamerica long-term care insurance policy.

Long-term care insurance might be the difference if you want to safeguard your loved ones against aging-related health difficulties in the future. Long-term care insurance plans provide financial support if a sickness or accident prevents you from carrying out everyday tasks.

We’ll be honest with you about this lending product, how it works, and who could profit from buying insurance.

The Transamerica long-term care insurance covers medical costs for a certain amount of time or forever in the event you become terminally sick, disabled, or need skilled nursing care. Given that it covers lifetime expenditures and helps prevent hospital bill shock in the event of sickness, accident, or injury, this coverage is quite reasonable

The Typical Things Long-Term Care Policy Covers

Whether you need help at home or in a facility, long-term care insurance covers many of the costs often connected with long-term care. The following are some of the services that LTC insurance often covers:

  • Care in nursing homes
  • Palliative care
  • Home health aides
  • Interim care
  • Centers for adult daycare
  • Physical exercise
  • Workplace therapy
  • Therapy for speech

It’s crucial to look for exclusions in the insurance. For instance, some long-term care insurance plans may only pay for treatment in a facility with a state license, while others would only cover care in a specific facility with a state license. Some insurance plans could not pay for medical treatment at a facility categorized as a rest home or personal care home.

The Best Age For Long-Term Care Insurance

Long-term care may become necessary quickly, such as after a heart attack, hip fracture, or stroke. But most often, it comes on gradually as individuals age and become more feeble or as a disease or handicap worsens. Most LTC claims start when a person is 80 years old.

Because of this, the best time to purchase is often between 50 and 65. The price decreases as you age, but if you buy too early, you’ll have to pay premiums for longer. On the other hand, premiums increase with age and health, and there’s a risk you’ll be turned down for coverage if any of those things happen.

Long-Term Care Insurance Cost

According to the American Association for Long-Term Care Insurance, the average cost of LTC insurance for a 55-year-old female is $2,675 annually, while the average cost for a 55-year-old man is $1,700 annually (AALTCI).

Although long-term care insurance may be expensive, it could be justified given the costs of regular long-term care treatments.

Type of care   Average cost without insurance
Nursing home (private room)$7,698/month
Assisted living facility (one-bedroom unit)   $3,628/month
Home health aide       $20.50/hour
Homemaker services  $20/hour
Adult daycare$68/day

List Of 5 Best Long-Term Care Insurance Companies

Government statistics indicate that 70% of seniors over 65 will eventually need long-term care and assistance.

1. Mutual of Omaha

Three different discounts are available from Mutual of Omaha: 15% for couples who buy the same policy, 15% for being in excellent health, and 5% for married clients (whose partners aren’t covered by the same policy). Discounts may be combined, with further discounts being applied to the remaining amount after premium discounts have been applied to the overall premium amount.

In addition, Mutual of Omaha, which has a solid financial strength grade of A+, placed sixth for customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study.

  • Benefits of up to $10,000 per month
  • Elimination times range from 0 to 365 calendar days
  • A $50,000 to $500,000 policy cap
  • Renunciation of premium benefit
  • Benefit for optional inflation protection


  • A 15% discount is available to partners who buy the same insurance.
  • A 15% discount is available to those who are in excellent health.
  • The care coordinator is a part of the policy.
  • Select the monthly benefit payment option that works best for you (cash or reimbursement)


  • Couples may only obtain a discount if they are married or have lived together for three years.

2. Golden Care

Golden Care, an online insurance broker, collaborates with some of the most well-known businesses on the market to assist clients in identifying the best solutions for their long-term care requirements.

It collaborates with National Guardian Life Insurance Company, Mutual of Omaha, Transamerica, Aetna, Thrivent, Securian Financial, and Aetna.

Customers are paired with a long-term care professional who will collaborate with them on their care plan and point them in the insurer’s direction that best suits their needs.



  • Does not directly provide plans but instead links clients with insurance companies

3.  New York Life

New York Life is our top choice for the most financially stable long-term care insurance. One of the oldest mutual insurance providers in the country, it has excellent financial ratings, the third-highest of any insurance firm on our list, regardless of type.

Long-term care insurance is available from New York Life in two forms: conventional stand-alone policies and long-term care and life insurance combo plans. With waiting periods of 90 to 180 days, maximum daily benefits vary from $50 to $400 per day. A benefit duration of two, three, five, or seven years is an option.


  • A policy may pay for all medical expenses.
  • Premiums for hybrid (life/LTC) insurance are guaranteed not to rise.
  • Hybrid plans provide a money-back guarantee if the insured doesn’t utilize the coverage.


  • Options for the benefit term and eligible benefits may differ by state.

4. Northwestern Mutual

Due to its exceptional financial standing and above-average customer service ratings, Northwestern Mutual is included on our list. According to the NAIC’s National Complaint Index Report, it also has a shallow complaint index for long-term care insurance.

With Northwestern’s QuietCare standard long-term care insurance, you may choose a maximum monthly payout in $100 increments ranging from $1,500 to $12,000. Additionally, it offers four options for elimination periods: six, 12, 25, or 52 weeks. (An elimination period is between when you first need medical attention and the beginning of the policy’s benefit term.)


  • Even if you aren’t currently getting benefits, the Charge Payment option waives the premium if you demonstrate a need for treatment.
  • ‘Participating’ plans that are eligible for dividends include long-term care insurance.
  • The total monthly amount may be utilized for caregiver education and training up to 20% of the total.


  • Doesn’t provide online quotations
  • There are only two benefit periods: three or six years of security
  • Covers only medical services from companies that the plan has authorized

5. Nationwide

One of the biggest insurers in the country, Nationwide was named one of the top companies for customer satisfaction in the J.D. Power 2021 U.S. Life Insurance Study. Customers seeking to invest in financially safe goods benefit from Nationwide’s reputation as a reputable national insurer by adding a degree of security.

Nationwide offers two long-term care choices for its universal life insurance products: an LTC rider, which is an add-on to another policy, and CareMatters, a hybrid product that combines both life insurance and LTC benefits.

Having a national policy has a few convenient advantages. For starters, you are not obliged to submit receipts and invoices regularly to obtain benefits under its CareMatters program. Using your benefits, you may also pay for care from unofficial caregivers, such as family members.


  • Provides LTC riders for universal and variable universal life insurance plans.
  • Nationwide care matters provide the first benefit payment and the first three months’ worth of LTC benefits retroactively after the elimination period.
  • Their care matters plans provide the option for inflation protection.
  • Unofficial carers are accepted
  • Online quotes are available.


  • Not currently available for online chat

The Biggest Drawback Of Long-Term Care Insurance

As with any insurance, the main drawback of long-term care insurance is that you can pay payments for years without ever using the policy.

The average yearly premium for long-term care insurance for a 65-year-old guy in fair health is $875, according to the American Association for Long-Term Care Insurance. That sum was calculated based on a policy with a $180,000 benefit pool.

The typical cost of a stay in a long-term facility might reach $10,000 per month depending on the degree of care you need and the state where you reside, so the benefits from such a policy could expire in a little over a year. 3

It requires the same kind of scrutiny as any other kind of insurance. Are you disappointed that your house never caught fire after years of paying for homeowner’s insurance but never using it? Not! You are relieved that you were never exposed to such a terrible situation.

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If you’ve been keeping an eye on your family’s finances, you may have noticed that your aging parent or parents will soon need long-term care, which could cost a lot.

Long-term care insurance is one of the most important things you should do to plan your finances. Did you know, though, that there are hundreds of different insurance policies? This could be why it’s sometimes hard to come up with a good plan for long-term care.

When it comes to long-term care insurance, you need to know how much you’ll pay in premiums, how much coverage you’ll get, and what kind of benefits the policy will give you. Since there are so many different companies that offer LTC insurance, this can be hard to understand.

You can learn more from the video below:

About Author

Long-Term Care Insurance
Lydia Alolade
I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.

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