Top Long-Term Care Insurance Providers in 2024

Long-term care insurance (LTCI) can be essential for covering costs associated with aging, such as assisted living, in-home care, and nursing home expenses. Choosing a reputable provider with the right coverage options is key to protecting your finances and ensuring quality care. Here’s a list of the top long-term care insurance providers in 2024, each offering distinct advantages based on policy features, financial stability, and customer satisfaction.

1. Mutual of Omaha

Mutual of Omaha is one of the most popular long-term care insurance providers, known for its flexible policy options and strong reputation in customer service.

Policy Features: Offers several customizable options, including shared care benefits for couples, inflation protection, and cash benefit options for home care.
Notable Riders: Inflation protection, shared care rider, and return of premium.
Financial Strength: Rated A+ by AM Best, indicating strong financial stability.
Best For: Those looking for a reliable insurer with flexible options to tailor coverage to individual needs.
Pros: Competitive pricing, flexible benefit periods, and inflation protection options.
Cons: Limited availability in certain states, and premiums can be higher with additional riders.

2. New York Life

As a mutual company, New York Life provides policyholders with dividend benefits and exceptional financial stability. It’s well-regarded for its comprehensive coverage options and lifetime coverage plans.

Policy Features: Offers both traditional and hybrid policies, with options for lifetime coverage, inflation protection, and guaranteed premiums on hybrid plans.
Notable Riders: Partnership plans, inflation protection, and return of premium.
Financial Strength: Rated A++ by AM Best, which is the highest rating for financial stability.
Best For: Individuals seeking robust lifetime coverage from a reputable, long-standing company.
Pros: Excellent financial stability, dividend-paying options, and comprehensive coverage.
Cons: Higher premiums compared to other providers, particularly for lifetime coverage.

3. Nationwide

Nationwide offers hybrid long-term care policies that combine life insurance with long-term care benefits, allowing for flexibility in coverage and use of benefits.

Policy Features: Hybrid plans allow you to use either the LTC benefits or leave a death benefit for beneficiaries if care is not needed.
Notable Riders: Inflation protection and optional cash indemnity benefits.
Financial Strength: Rated A+ by AM Best.
Best For: Those interested in hybrid policies that combine life and long-term care insurance.
Pros: Flexible use of benefits, no need to qualify medically once enrolled, and strong financial stability.
Cons: Hybrid policies can have higher premiums than traditional LTCI policies.

4. Genworth Financial

Genworth is known for its comprehensive traditional long-term care policies with flexible coverage options and competitive pricing.

Policy Features: Provides traditional LTC policies with options for a variety of benefit periods, inflation protection, and elimination period choices.
Notable Riders: Shared care, waiver of premium, and inflation protection.
Financial Strength: Rated B by AM Best, which is lower than competitors but has shown stability.
Best For: Those seeking traditional, comprehensive long-term care coverage at competitive rates.
Pros: Competitive pricing, multiple inflation protection options, and flexible benefit periods.
Cons: Lower financial rating compared to other providers, which may impact future premium increases.

5. Brighthouse Financial

Brighthouse Financial specializes in hybrid long-term care policies that offer policyholders both long-term care benefits and life insurance, with guaranteed benefits and flexibility.

Policy Features: Hybrid policies provide a death benefit along with LTC coverage and options for lifetime coverage on hybrid policies.
Notable Riders: Inflation protection, return of premium, and waiver of premium.
Financial Strength: Rated A by AM Best.
Best For: Those interested in hybrid policies that offer flexibility for future care needs and an added death benefit.
Pros: Guaranteed benefits, flexibility, and solid financial stability.
Cons: Higher premiums for hybrid plans, which may not be ideal for budget-conscious buyers.

6. Transamerica

Transamerica offers both traditional long-term care insurance and hybrid policies with flexible benefit options, competitive pricing, and strong customer satisfaction.

Policy Features: Includes traditional and hybrid options with options for inflation protection, daily or monthly benefit amounts, and varying elimination periods.
Notable Riders: Shared care, inflation protection, and restoration of benefits.
Financial Strength: Rated A by AM Best.
Best For: Those looking for affordable options with flexible coverage periods and inflation protection.
Pros: Affordable premiums, flexible benefit structures, and solid financial stability.
Cons: Limited availability in some states, and premium increases may occur over time.

7. Thrivent Financial

Thrivent Financial is a not-for-profit provider offering long-term care insurance to its members, with a focus on affordable policies and financial stability.

Policy Features: Offers traditional LTC insurance with several inflation protection and benefit period options, along with care coordination services.
Notable Riders: Inflation protection, shared care, and waiver of premium.
Financial Strength: Rated A++ by AM Best.
Best For: Thrivent members and individuals interested in a financially stable not-for-profit insurer.
Pros: Excellent financial stability, flexible coverage options, and not-for-profit benefits.
Cons: Only available to Thrivent members, which limits access.

8. Lincoln Financial Group

Lincoln Financial Group is well-known for its MoneyGuard hybrid policies, combining life insurance with long-term care benefits and providing flexible use of funds.

Policy Features: Offers a hybrid life and long-term care policy with guaranteed premiums, no requirement for renewal, and flexible benefit periods.
Notable Riders: Inflation protection, return of premium, and care coordination.
Financial Strength: Rated A+ by AM Best.
Best For: Those who want flexible, hybrid policies with guaranteed premiums and options to use funds either for long-term care or as a death benefit.
Pros: Guaranteed premiums, flexibility in fund use, and stable financial rating.
Cons: Higher premiums than traditional policies, which may not suit everyone’s budget.

9. OneAmerica

OneAmerica specializes in asset-based long-term care policies, providing hybrid coverage that can be funded through a lump-sum payment or premiums over time.

Policy Features: Offers asset-based policies with lifetime LTC benefits and options to pay premiums in a single lump sum or over a limited period.
Notable Riders: Inflation protection, continuation of benefits, and waiver of premium.
Financial Strength: Rated A+ by AM Best.
Best For: Individuals looking for asset-based policies with flexible funding options and lifetime benefits.
Pros: Lifetime benefit options, flexible funding, and stable financial rating.
Cons: Upfront costs can be high for single premium policies.

10. Northwestern Mutual

Northwestern Mutual is a highly reputable provider with strong financial stability, offering traditional long-term care policies with customizable options and excellent customer service.

Policy Features: Provides traditional LTC policies with flexible benefit periods, elimination periods, and inflation protection options.
Notable Riders: Inflation protection and shared care.
Financial Strength: Rated A++ by AM Best, reflecting its financial strength and reliability.
Best For: Those looking for a traditional policy from a stable provider with high customer satisfaction.
Pros: Strong financial stability, flexible coverage, and high customer satisfaction.
Cons: Higher premiums than some competitors, especially with added riders.

Choosing the Right Long-Term Care Insurance Provider

When selecting an LTCI provider, consider the following factors:

Type of Policy: Decide between traditional and hybrid policies based on whether you want pure LTC coverage or a policy that combines life insurance with long-term care.
Benefit Flexibility: Look for policies that allow flexible daily benefit amounts, benefit periods, and inflation protection options.
Financial Strength: Choose a provider with a high rating from agencies like AM Best, ensuring they can meet future claims obligations.
Additional Riders: Optional features, like inflation protection and shared care, can enhance coverage, but they may come at an additional cost.
Premium Stability: Review the company’s history of premium increases to ensure you can afford coverage long term.

Conclusion

The top long-term care insurance providers in 2024 offer a range of flexible options to meet various needs, whether you’re interested in traditional or hybrid policies. Mutual of Omaha and Northwestern Mutual stand out for their traditional LTC policies, while hybrid policies from Lincoln Financial Group and Nationwide offer flexibility for those looking for a combination of life insurance and long-term care benefits. Carefully compare coverage options, costs, and each provider’s financial strength to select a plan that offers the best protection and value for your future care needs.