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Last updated on May 29, 2020

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 for
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, Asset 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
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
MassMutual


Pros

Excellent dividend record
The right riders

Cons

Customer service scores

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.