Luis Pazos 
Did you know that the average American has almost a 70% chance of requiring some sort of long-term care once they reach 65? But here’s something you might not know—you can plan ahead by buying long-term care insurance. That’s why we’ve put together this guide to the seven best long-term care insurance options for 2024.
Before we get into the nitty-gritty of each insurance provider, take a quick glance at the summary table below to find out which company might be the best fit for you.
Best Long-Term Care Insurance Picks:
- GoldenCare: Best All-Around
- LTC Resource Centers: Best for Asset-Based Long-Term Care
- Mutual of Omaha: Best for Unlimited Lifetime Benefit
- New York Life: Best for Low-Cost Premiums
- Nationwide: Best for High Lifetime Maximum Benefit
- Brighthouse Financial: Best for Hybrid LTC Policy
- CLTC Insurance Services: Best Long-Term Care Insurance Aggregator
Best Long-Term Care Insurance Reviews:
GoldenCare:
GoldenCare, a top firm in the industry, offers policies from top-rated insurance companies. They provide critical illness insurance, Medicare supplements, prescription drug plans, life insurance, annuities, and final expense policies.
LTC Resource Centers:
Located in Florida, this long-term care insurance brokerage has been around for over 40 years. They specialize in asset-based long-term care, using whole life insurance or annuities to offer coverage without needing a dedicated policy.
Mutual of Omaha:
This well-known company offers top-tier long-term care plans, including lifetime benefit coverage, multiple elimination periods, and inflation protection. They even offer discounts if you buy a policy with your partner or are in good health.
New York Life:
New York Life provides extensive insurance options and is owned by policyholders. Their NYL My Care long-term care policy is noteworthy. They offer both standalone policies and those with long-term care riders.
Nationwide:
One of the top providers of long-term care insurance in America, Nationwide offers a maximum lifetime benefit of up to $750,000. Their policies cover home healthcare, hospice, adult daycare, and more, and they even provide benefits if you live abroad.
Brighthouse Financial:
Brighthouse Financial offers long-term care via their SmartCare plan, which adds a long-term care provision to a whole life insurance policy. This plan covers various types of care, from home healthcare to nursing facilities.
CLTC Insurance Services:
Based in San Francisco, this aggregator offers access to numerous long-term care insurance companies. However, they operate only in California and provide annuities and life insurance policies with long-term care riders.
What Is Long-Term Care?
Long-term care becomes necessary when an individual can’t take care of themselves and may need help from family members or institutions. This usually happens when someone can no longer perform daily activities like dressing, eating, or moving around due to a major health event or advancing age.
How to Purchase Long-Term Care Coverage?
Contact any of the seven providers listed or do some online research to find other companies. Be aware that premiums are lower if you buy when you’re younger and healthier. Consider alternative options like life insurance policies or annuities with long-term care riders.
Who Needs Long-Term Care Coverage?
In short, most people. Almost 70% of those turning 65 will require long-term care at some point, with about 37% needing institutional care. Women and single individuals are statistically more likely to need it.
Finding the Right Policy:
Long-term care insurance can be complex and variable. It’s essential to pay attention to factors like maximum benefits, benefit periods, and waiting periods. Be prepared to pay premiums for the rest of your life once you purchase a policy.
Summary:
Here’s another look at our top seven long-term care insurance companies for 2024:
- GoldenCare: Best All-Around
- LTC Resource Centers: Best for Asset-Based Long-Term Care
- Mutual of Omaha: Best for Unlimited Lifetime Benefit
- New York Life: Best for Low-Cost Premiums
- Nationwide: Best for High Lifetime Maximum Benefit
- Brighthouse Financial: Best for Hybrid LTC Policy
- CLTC Insurance Services: Best Long-Term Care Insurance Aggregator
While long-term care insurance can be pricey, it’s essential if you can afford it, given the high likelihood of needing care. If not, look into annuities or whole life insurance policies with long-term care provisions.
