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The Best Long-Term Care Insurance

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    Long-term care insurance reimburses you for long-term care costs for people with active policies who meet the eligibility criteria for disbursements (unable to perform certain daily living tasks). Choosing a financially stable company is essential. Companies with a variety of products and add-ons and excellent customer service ensure you’ll be happy with your policy and experience. 

    The 5 Best Long-Term Care Insurance Companies in 2020


    Reviews.com ScoreCustomer Experience Score /5Financial Strength Score /5
    New York Life4.44.34.7
    Mutual of Omaha4.254.34
    Mass Mutual3.83.74.3
    State Farm4.854.3
    Pacific Life3.83.74

    *Data as of 05/19/2020

    New York Life


    Best Overall
    New York Life
    New York Life


    The ability to choose between stand-alone long-term care insurance, hybrid policy long-term care, and life insurance makes New York Life the best choice overall. NYL My Care, for instance, is a traditional, long-term care product using familiar insurance concepts with the benefit of a dividend. New York Life’s hybrid product, Flex, offers a combined universal and long-term care policy with other long-term care benefits and a money-back guarantee. 

    To learn more about this provider, see our New York Life review.

    ✓ Best For: Versatility

    ✗ Not For: Online quotes

    • AM Best: A++
    • J.D. Power: 4/5
    • Standard & Poor’s: AA+
    • Moody’s: Aaa
    • BBB Rating: A+

    Mutual of Omaha


    Best for Tailored Policies
    Mutual of Omaha
    Mutual of Omaha


    Mutual of Omaha has several built-in benefits within its policies, but also gives people additional options like inflation protection, return of premium, and more for a customized policy. 

    Find out more by reading our full Mutual of Omaha review.

    ✓ Best For: Tailored policies

    ✗ Not For: Complicated medical histories

    • AM Best: A+
    • J.D. Power: 4/5
    • Standard & Poor’s: A+
    • Moody’s: A1
    • BBB Rating: A+

    Mass Mutual


    Best for Comprehensive Coverage
    MassMutual Life
    MassMutual Life


    Mass Mutual’s comprehensive coverage choices cover your long-term care expenses in a variety of settings and levels of need. It also shields you from having to use your assets to pay for long-term care. 

    See our complete Mass Mutual overview for more information.

    ✓ Best For: Comprehensive coverage

    ✗ Not For: Stellar customer service

    • AM Best: A++
    • J.D. Power: 3/5
    • Standard & Poor’s: AA+
    • Moody’s: Aa3
    • BBB Rating: B-

    State Farm


    Best for Enhanced Universal Life Insurance
    State Farm
    State Farm


    If you already have or want universal life insurance with State Farm, securing your long-term care insurance is as easy as adding on a long-term care rider to your policy. State Farm’s legendary customer service ratings are an additional perk.

    Check out our full review of State Farm to learn more. 

    ✓ Best For: Enhanced universal life insurance

    ✗ Not For: Stand-alone long-term care policy

    • AM Best: A++
    • J.D. Power: 5/5
    • Standard & Poor’s: AA
    • Moody’s: Aa1
    • BBB Rating: A+

    Pacific Life


    Best for Product Variety
    Pacific Life
    Pacific Life


    Pacific Life offers up to four whole life insurance products with long-term care benefits to give people flexibility in how they use their policy. 

    For more details, see our thorough Pacific Life overview

    ✓ Best For: Product variety

    ✗ Not For: Traditional long-term care insurance

    • AM Best: A+
    • J.D. Power: 3/5
    • Standard & Poor’s: AA-
    • Moody’s: A1
    • BBB Rating: A-

    Further Reading

    Guide to Long-Term Care Insurance

    Types of Long-Term Care Insurance Policies

    When researching, you’ll encounter two types of long-term care insurance: traditional and hybrid. Both types may cover your long-term care needs. Which policy serves you best depends on how much flexibility you want in your policy.

    Traditional

    Traditional policies are stand-alone policies, letting you select your preferred benefits at the outset. The biggest drawback is that unused policies cannot be converted to a cash value.

    Hybrid

    Hybrid policies combine life insurance or an annuity with long-term care insurance. The benefit is that one policy lets you pay for your long-term care expenses if needed, but your heirs will receive a smaller death benefit if you do.  

    Type of CareAvg Annual Cost
    Homemaker Services$51,480
    Home Health Aide$52,624
    Assisted Living Facility$48,612
    Nursing Home: Semi-Private Room$90,155
    Nursing Home: Private Room$102,200

    Long-Term Care Insurance Tips

    Plan for the future

    Long-term insurance expenses can cost close to $50,000 or more per year. Retirement benefits aren’t enough to cover this for many seniors, but long-term care insurance can bridge the gap. 

    Plan for inflation

    With long-term care, inflation is a big consideration that should be taken into account. An inflation rider add-on ensures your money keeps up with long-term care expenses. 

    Know when your policy activates

    Eligibility for long-term care assistance usually requires that a person cannot perform two or more activities of daily living (ADL), like bathing or dressing. In addition, you may experience a waiting period of one month or more before your insurance kicks in. During that time, all your long-term care expenses will still come out of pocket, as insurance only pays for bills incurred after the waiting period is over.  

    Understand your limits

    Important aspects to know about your policy include the maximum amounts your plan pays under different circumstances and per lifetime, and how long it takes for long-term care insurance to trigger. 

    About the Authors

    Lorraine Roberte

    Lorraine Roberte Contributing Writer

    Lorraine Roberte is a South Florida-based personal finance writer. Her work has been published on sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.

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