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Final Verdict
Buying long-term care insurance is a big decision that you should carefully research. With so many different factors to consider—how many months or years will you need coverage, and how much per day will you need to pay for care expenses—it pays to select an experienced and top-notch insurer with agents who will spend time with you to talk about your exact needs, and help guide you to the best insurance that fits your budget.
With this in mind, we recommend talking to an experienced insurance broker who has in-depth background and knowledge about each of the long-term care insurance companies that we have listed. We recommend asking the agent whether they represent all of the companies listed. Otherwise, start by contacting the company that most closely matches your needs to begin planning for your long-term care insurance.
Compare Providers
| Best Long Term Care Insurance | Why We Picked It | Notable Feature |
|---|---|---|
| GoldenCare | Best Choice of Carriers | Not affiliated with any single carrier, lets you shop around |
| AARP/New York Life | Best Overall | Money-back guarantee if policy not used |
| Mutual of Omaha | Best for Budget | 30% discounts available for partners |
| Lincoln Financial | Best for Short Waiting Period | Return of premiums if you don’t need care |
| Transamerica | Best For Customization | Coverage available from age 19 to age 79 |
FAQs
What Is Long-Term Care Insurance?
Long-term care insurance is private insurance that you buy in preparation to help pay for medical and non-medical care and services that you may need as you get older. Long-term care insurance can help protect your assets, but you must be careful when researching policies, as there are many exclusions and details to understand.
Does Medicare Pay for Long-Term Care?
Medicare does not cover most long-term care, and Medicaid will only cover your care if it’s in a Medicaid-approved facility. You must meet strict financial guidelines to qualify.
How Much Coverage Is Available for Long-Term Care?
Insurers vary, but you can buy a long-term care policy that will cover you for $1 million worth of care and higher, though keep in mind the monthly premiums may be very costly.
How Much Does Long-Term Care Insurance Cost?
Monthly premiums can run from less than $25 per month for someone under 60 and in good health to over $500. Average premiums for long-term care policies are about $2,700 a year, about $225 each month. Premiums will vary based on your age, where you live, what features you want, and how much total coverage you will need.
How Much Does It Cost to Stay in an Assisted Care Facility?
In 2019, the average monthly cost in the United States for a shared nursing home room was $7,513 per month. The average nursing home costs a resident $90,155 per year for a shared room and $102,200 for a private room.
Are There Flexible Options Available?
Long-term care insurance policies can often be tailored to meet the purchaser’s exact needs, considering their budget, needs, age, and location of care.
Why Should Someone Consider Getting Long-Term Care Insurance?
If you want to protect your assets to leave an inheritance, if you want more control over the quality of care that you receive, or if you don’t have a family to help care for you if you become incapacitated, long-term insurance may be the best way to plan ahead.
How We Chose the Best Long-Term Care Insurance Companies
We researched the top-rated insurance carriers in the United States, looking at their financial background and ratings, the range of long-term care insurance options they offered, pricing, the number of states they serve, and if any specific service or benefit stood out in their offerings, such as no waiting period for benefits to begin. Note that we were unable to get exact quotes for some carriers because of online restrictions barring access to specific information for research purposes.
Source: Google | Insurance News
