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Health insurance can be used to cover a wide range of healthcare-related expenses, but in most cases, it won’t cover the cost of living in a nursing home, assisted living facility or with a full-time caretaker. Fortunately,long-term care insurancecan help to protect against these types of costs — which, according to insurance company Genworth, can range anywhere from $1,700 to $9,000 per month.
That said, the premiums you pay for long-term care insurance can cost significantly less than this. However, your exact costs will depend on your age, health, coverage amount and other factors.
But if you want to make sure you choose the best long-term care insurance company for your budget and needs, it can help to know your best options.
Learn more about your long-term care insurance options by getting a free price quote here.
Best long-term care insurance companies
Here are some of the best long-term care insurance companies available now, broken down into five categories.
Best for comparing multiple providers: GoldenCareBest for discounts: Northwestern MutualBest for seniors: New York LifeBest for policy customization: Mutual of OmahaBest overall: Nationwide
Best for comparing multiple providers: GoldenCare
GoldenCare is an online brokerage specifically for long-term care insurance and other similar products, like critical care insurance, prescription plans, annuities and more. The company partners with 20 different healthcare and insurance providers, so when you fill out a quote form, GoldenCare’s brokers can recommend a wide range of products and policies that might fit your needs.
Golden Care can even help with hybrid insurance plans, which combine traditional life insurance with long-term care benefits. Learn more about long-term care insurance with GoldenCare here.
Best for discounts: Northwestern Mutual
If you’re looking for a company that offers plenty of discounts to lower your premiums, then Northwestern Mutual is a great option. Northwestern offers a 15% discount — for both you and your partner — if you each have a long-term care policy with the company. There are also discounts depending on how you pay your premium.
Northwestern’s policies come in as both standalone policies and hybrid ones, which combine a whole life insurance policy with a long-term care rider.
Best for seniors: New York Life
New York Life is a good choice for seniors in need of long-term care coverage. The insurer offers traditional policies, as well as a life insurance policy with add-on long-term care options. If the additional long-term care benefits are not used within a certain time period, you’ll get the premiums for that coverage back in full.
Best for policy customization: Mutual of Omaha
Mutual of Omaha is your best bet if you want to personalize your policy for your specific needs. Not only does the company offer standard long-term care insurance with a built-in care coordinator, but you can also add on benefits like inflation protection, which increases your benefits based on the rising costs of care annually, and return of premium add-on that return your premiums — minus the benefits you used — at the end of your term. You can also opt for shared care to extend your benefits to a spouse or partner.
Learn more about your long-term care insurance options here now.
Best overall: Nationwide
Nationwide’s wide array oflong-term care insuranceofferings makes it our pick for the top insurer. The company offers three types of policies — one with guaranteed benefits (whether or not long-term care is ever needed), one with a shared pool of benefits for couples, and a third that combines universal life insurance with a rider to cover long-term care costs. Nationwide customers also get access to the company’s caregiver advocate tool, which helps connect you with long-term care options in your area.
Compare your options
Premiums and coverage differ from one insurer to the next, so get at least a few quotes before determining who to buy your long-term care insurance policy from. Make sure to consider any discounts offered, and look for extra perks that could improve your experience, like caregiver advocates, money-back guarantees or pooled spousal benefits, for instance. Get started here today!
