Trying to figure out the best long term care insurance companies for your unique needs can be difficult.
Especially with an array of coverage options and plan benefits to consider.
But here's the thing:
You don't have to go at it alone; in-fact, this post will help shed light on the best ltc providers in the U.S.
Key Takeaways
Expect a careful comparison of their policy features, costs, and user satisfaction to ensure you’re well-equipped to choose a long term care policy that gives you peace of mind without breaking the bank.
Snapshot of Industry Leaders in Long-Term Care Insurance
The realm of long-term care insurance can be complex to navigate. The first step is understanding who the key players are. The American Association for Long Term Care Insurance recognizes six companies as the primary insurance providers of standard long-term care insurance policies:
- Bankers Life
- Mutual of Omaha
- National Guardian Life
- New York Life
- Northwestern Mutual
- Thrivent
Each of these insurance companies have over a century’s worth of experience in the insurance market, making them well-established and trusted providers. Here are some key features of each company’s policies:
- Bankers Life’s SimpleChoice Standard policy offers policy options for individuals with a high maximum issue age up to 84 and options for a zero-day elimination period.
- National Guardian Life’s EssentialLTC policy offers a unique option for lifetime maximum benefits.
- Northwestern Mutual is prized for its exceptional financial strength with an A++ rating and its high ranking in J.D. Power’s 2022 U.S. Life Insurance Study.
In essence, these insurance giants provide a plethora of policies and benefits, catering to diverse individual needs. The best policy for you will depend on your specific circumstances, including:
- your health
- your age
- your financial situation
- your long-term care needs
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Mutual Of Omaha - Best Insurance Company for Customizable Policies
Mutual of Omaha allows you to shape your long-term care policy to your personal liking. They offer two main long-term care insurance offerings: ‘Secure Solution’ with predetermined benefits and ‘Custom Solution’, which allows policyholders to more finely adjust policy details.
The ‘Secure Solution’ comes with fixed benefit periods, whereas ‘Custom Solution’ enables choosing a policy limit ranging from $50,000 to $500,000, which offers greater flexibility. Couples are accommodated with the option to share their total coverage through a shared care option if one partner exhausts their individual policy limit, providing mutual financial support. Mutual of Omaha also offers a 15% partner discount when two policies are simultaneously issued, or a 5% discount on a solitary policy issuance, adding value and incentive for multiple policy purchases.
From my perspective, the ‘Custom Solution’ is noteworthy. It boasts a broad selection of elimination period options, from none at all to a full year, allowing for greater flexibility compared to the standardized choices of ‘Secure Solution’. The policy also includes exclusive optional benefits like the Shared Care, Waiver of Elimination Period For Home Health Care, and Non-Forfeiture Shortened Benefit Period to further customize the policy.
While the ‘Custom Solution’ policy offers more flexibility, all Mutual of Omaha policies extend coverage benefits for an array of care types, including but not limited to home health care, facility care, and hospice care, to support varying care scenarios.
The innovative ‘Alternate Care’ benefit anticipates future health care advancements by covering services or treatments that may emerge in the healthcare landscape, reflecting Mutual of Omaha’s forward-thinking approach to insurance.
This flexibility and customization make Mutual of Omaha a top choice for those seeking a tailored solution to their long-term care insurance needs.