How To Get The Best Long-Term Care Insurance

Shawn Plummer

CEO, The Annuity Expert

If you are a senior, it is essential to consider long-term care insurance. This type of insurance can give you peace of mind in knowing that you will be taken care of if you need long-term medical care. However, there are many different insurance providers for long-term care insurance, and it cannot be easy to decide which is right for you. Therefore, we have compiled a list of the five best long-term care insurance products!

Table Of Contents
  1. What Is Long-Term Care Insurance, And Why Is It Important?
  2. The Best Long-Term Care Insurance Companies
  3. The Best Long-Term Care Insurance For Spouses
  4. The Best Long-Term Care Insurance With An Optional Extension Of Benefits
  5. The Best Long-Term Care Insurance With A Built-In Extension Of Benefits
  6. The Best Long Care Insurance For An IRA
  7. The Best Long-Term Care Insurance Utilizing Life Insurance
  8. What Types Of Long-Term Care Insurance Policies Are Available, And Which Is The Best Fit For Me?
  9. What Is The Best Long-Term Care Facility?
  10. Who Is The Best Candidate For Long-Term Care Insurance?
  11. How Do You Choose The Best Long-Term Care Insurance?
  12. How Do Long-Term Care Insurance Premiums Vary And What Affects The Cost?
  13. What Are The Key Factors To Consider When Purchasing The Best Long-Term Care Insurance Policy?
  14. What Are The Most Common Long-Term Care Services Covered By Insurance Policies?
  15. What Is The Best Time To Start Investing In Long-Term Care Insurance?
  16. When Should You Move Into A Long-Term Care Facility?
  17. Can Long-Term Care Insurance Be Combined With Other Insurance Policies Or Government Programs?
  18. How Often Should One Review Their Long-Term Care Plan To Ensure It Meets Their Needs?
  19. Next Steps
  20. Request A Quote
  21. Frequently Asked Questions

What Is Long-Term Care Insurance, And Why Is It Important?

Long-term care insurance is a type of insurance policy that helps pay for long-term care services, such as in-home care, assisted living, or nursing home care. This type of care is typically needed by individuals unable to perform basic daily activities, such as bathing, dressing, and eating, due to a chronic illness, disability, or aging.

Long-term care insurance is essential because it helps individuals and their families plan for and finance long-term care services, which can be very expensive and potentially drain savings and assets.

Without long-term care insurance, individuals may have to rely on family members or use their savings and assets to pay for care, putting a significant financial strain on them and their loved ones. Additionally, long-term care insurance can help protect assets and preserve an inheritance for future generations.

What Is Long-Term Care Insurance

The Best Long-Term Care Insurance Companies

  • OneAmerica is one of the largest long-term care insurance companies in the United States today. They have a wide range of life insurance policies and annuities that can meet the needs of any senior citizen. The insurance company also has a solid financial strength rating, which means you can be confident that they will be able to pay out any claims you may have.
  • Global Atlantic is another excellent choice for long-term care insurance. They offer a long-term care annuity and a solid financial strength rating.
  • Guaranty Income Life Insurance Company (GILICO) offers a long-term care annuity that can triple the value for qualified long-term care expenses. The financial stability rating could be better, but it is improving.
  • Lincoln Financial Group is a large insurance company that offers a hybrid policy combining universal life insurance and long-term care insurance. They have an excellent financial strength rating.

The Best Long-Term Care Insurance For Spouses

Global Atlantic ForeCare Long-Term Care Annuity is a fixed annuity with Long-Term Care Benefits. When planning for retirement, we often consider protecting our assets from market volatility, taxes, or inflation. Still, there’s also an increasing need to consider the potential effect of long-term care costs. This long-term care coverage is two or three times the value of your annuity (depending on medical history), and it is much cheaper than traditional long-term care insurance.

  • Medical Exam: No medical exam is required, and the average ForeCare application process takes 30 minutes over the phone to find out if you qualify and are approved. Coverage levels are:
  • Standard level: This provides double your contract value for qualified LTC expenses.
  • Premier level: This provides triple your contract value for qualified long-term care expenses.
  • LTC Benefits: Covered care includes home care, personal care, homemaker services, chores services, home health aide, nurse and therapist help, respite care, adult day care, assisted living facilities, hospice care, and a nursing home.
  • Waiting Periods: The insured must be unable to perform two of the six activities of daily living or be severely cognitively impaired. The elimination period or waiting period is 90 days.
  • Spouses: ForeCare lets you and your spouse take out money for long-term care expenses simultaneously or separately whenever long-term care is needed. Spouses can be on one policy as well.
  • Inflation Protection: An optional inflation protection benefit is offered at an additional cost.
  • Death Benefit: Unlike traditional long-term care insurance, the policy’s death benefit is any unused money in the contract that can be passed on to beneficiaries.

The Best Long-Term Care Insurance With An Optional Extension Of Benefits

OneAmerica Annuity Care Long-Term Care Annuity are hybrid policies that can help you convert your taxable assets to tax-free when used for long-term qualifying care (assisted living facilities, nursing homes, and home health care). In addition, this single premium deferred annuity helps protect your retirement income stream if the need for care arises.

The long-term care annuity also includes an optional continuation of benefits provision that is paid for with a monthly charge taken from your base annuity to extend the length of your protection for as long as you desire. In addition, your one-time premium may be used to help pay for LTC in a tax-efficient manner.

  • Medical exam: No medical exam is required, and the average Annuity Care application process takes 30 minutes over the phone to determine if you qualify and are approved.
  • LTC Benefits: Covered care insurance includes a long-term care facility, assisted living facility, home health care, homemaker services, hospice care, adult day care, international facilities, respite care, nursing home, bed reservation, care coordination, supportive equipment, and caregiver training.
  • Benefit Periods: The insured must be unable to perform two of the six activities of daily living. The elimination period or waiting period is seven days.
  • Death Benefits: Unlike traditional long-term care insurance, any unused money in the contract can be passed on to beneficiaries as a death benefit.

The Best Long-Term Care Insurance With A Built-In Extension Of Benefits

One America AnuityCare II Long-Term Care Annuity can help you convert your taxable assets to tax-free when used for long-term qualifying care. In addition, this single premium deferred annuity helps protect your retirement income stream if the need for care arises.

The retirement plan also includes a built-in continuation of benefits provision that is paid for with a monthly charge taken from your base annuity to extend the length of your protection for as long as you desire. In addition, your one-time premium may be used to help pay for LTC costs tax-efficiently.

  • Medical exam: No medical exam is required, and the average AnnuiCare II application process takes 30 minutes over the phone to determine if you qualify and are approved.
  • LTC Benefits: Covered care insurance includes a long-term care facility, assisted living facility, home health care, homemaker services, hospice care, adult day care, international facilities, respite care, bed reservation, care coordination, supportive equipment, and caregiver training.
  • Benefit Period: The insured must be unable to perform two of the six activities of daily living. The elimination period or waiting period is 90 days.
  • Death Benefit: Unlike traditional long-term care insurance, any unused money in the contract can be passed on to beneficiaries as a death benefit.

The Best Long Care Insurance For An IRA

GILICO AnnuiCare Long-Term Care Annuity is a tax-deferred fixed annuity that provides long-term care coverage. The hybrid-policy coverage is three times the value of your annuity, and it is much cheaper than traditional long-term care insurance. Plus, the premiums for long-term care are paid from the annuity’s value, so you don’t have to worry about large, out-of-pocket payments. IRA and other qualified retirement plans may fund this long-term care insurance plan.

  • LTC Benefits: Covered care includes in-home care, personal care, chores services, home health aide, nurse and therapist help, respite care, adult day care, assisted living facility, hospice care, and a nursing home.
  • Benefit Period: The insured must be unable to perform two of the six activities of daily living or have severe cognitive impairment. The elimination period or waiting period is 90 days.
  • Inflation Protection: An inflation protection benefit is offered at no additional cost.
  • Application Process: No medical exam is required, and the average AnnuiCare application process takes 30 minutes over the phone to determine if you qualify and are approved.
  • Death Benefit: Unlike traditional long-term care insurance, any unused money in the policy can be passed on to beneficiaries as a death benefit.

The Best Long-Term Care Insurance Utilizing Life Insurance

OneAmerica AssetCare hybrid policies are whole life insurance that allows you to access the full death benefit of your life insurance policy (living benefits) to assist in paying for qualifying LTC expenses. You may choose to accelerate your death benefit and use it to pay for care now if a need for care arises. If your death benefit is used up, you can extend benefits for a certain period or indefinitely. As a result, asset Care can help individuals plan for retirement sooner.

  • Premium Payment Period: The multi-pay option allows you to pay premium payments for your protection over 5 to 20 years or even your lifetime. This way, you can be sure that your financial commitments won’t be affected if you need long-term care.
  • Inflation Protection: An optional inflation protection rider is offered at an additional cost.
  • LTC Insurance Benefits: Covered care insurance includes a long-term care facility, assisted living facility, home health care, homemaker services, hospice care, adult day care centers, international facilities, respite care, bed reservation, care coordination, supportive equipment, and caregiver training.
  • Benefit Periods: The insured must be unable to perform two of the six activities of daily living. The elimination period or waiting period is 90 days.
  • Death Benefit: Unlike traditional long-term care insurance, any unused money in the whole life insurance policy can be passed on to beneficiaries as a death benefit, tax-free.

What Types Of Long-Term Care Insurance Policies Are Available, And Which Is The Best Fit For Me?

There are several types of long-term care insurance policies available, including:

  • Traditional long-term care insurance: This policy covers various long-term care services, such as nursing home care, assisted living, and in-home care.
  • Hybrid long-term care insurance: Hybrid policies combine long-term care coverage with other types of insurance, such as life insurance or annuities.
  • Group long-term care insurance: Some employers or organizations offer group long-term care insurance as a benefit to employees or members.

What Is The Best Long-Term Care Facility?

Determining the best long-term care facility depends on various factors, including an individual’s specific care needs, preferences, and budget. Some of the critical factors to consider when choosing a long-term care facility include the following:

  • Type of care: Consider the needed care, such as in-home care, assisted living, or nursing home care.
  • Location: Consider the facility’s location and its proximity to friends and family.
  • Reputation: Research the facility’s reputation, including its ratings and reviews, as well as its history and track record of providing quality care.
  • Staff qualifications: Look for a facility with well-trained and compassionate staff, and consider their qualifications, experience, and training.
  • Quality of life: Consider the quality of life offered by the facility, including the activities and services provided, the physical environment, and the availability of social and recreational opportunities.
  • Cost: Consider the cost of the facility, including the monthly fee and any additional expenses, such as meals, transportation, or personal care services.
  • Health and safety: Ensure that the facility meets health and safety standards and has a comprehensive plan in place for dealing with emergencies.

Who Is The Best Candidate For Long-Term Care Insurance?

The best candidate for long-term care insurance is generally concerned about the potentially high cost of long-term care services, such as a nursing home or in-home care, and wants to have a plan in place to help cover those costs.

In addition, long-term care insurance can be a good option for people who are healthy and financially secure, as it is generally more affordable for those who are younger and in good health. It can also be a good choice for people who want to protect their assets and ensure they have a plan to cover the long-term care cost if needed.

Additionally, long-term care insurance may be a good fit for people who want more control over their care, as it can allow them to choose their care providers and facilities.

How Do You Choose The Best Long-Term Care Insurance?

Choosing the best LTC insurance policies requires careful consideration of several factors. Here are some key elements to consider when selecting a long-term care insurance policy:

  • Coverage: Determine the type and amount of long-term care services you want to be covered for, such as in-home care, assisted living, or nursing home care.
  • Benefit period: Consider the length of time you want your policy to provide coverage, ranging from several years to a lifetime.
  • Benefit amount: Consider how much coverage you need, considering factors such as the cost of care in your area, inflation, and the length of time you want to be covered.
  • Premiums: Consider the cost of the policy and the payment options available. Some policies offer flexible premium options that allow you to pay a one-time premium or make monthly payments.
  • Eligibility requirements: Some policies have age or health restrictions, so make sure you understand the eligibility requirements of the policy you are considering.
  • Waiver of premium: Look for a policy that offers a waiver of premium. You will not have to pay premiums if you need to start using your policy due to a qualifying illness or disability.
  • Inflation protection: Consider the impact of inflation on the cost of long-term care over time and look for a policy that offers inflation protection to help keep pace with the increasing cost of care.
  • Provider network: Consider the network of providers the policy covers and ensure they are accessible and convenient for you.
  • Claims process: Make sure the policy you choose has a simple claims process, so you can receive benefits when needed.
  • Reputation: Research the insurance company and its financial stability and reputation for customer service and handling claims.

How Do Long-Term Care Insurance Premiums Vary And What Affects The Cost?

The cost of LTC insurance premiums can vary significantly based on several factors, including:

  • Age: The older you purchase a policy, the higher your premiums will be. This is because the likelihood of needing long-term care services increases with age.
  • Coverage amount: The amount of coverage you choose will also affect the cost of your premiums. The more coverage you want, the higher your premiums will be.
  • Benefit period: The length of time you want to be covered will also impact the cost of your premiums. Policies with more extended benefit periods will typically have higher premiums.
  • Inflation protection: Policies that offer inflation protection to help keep pace with the increasing cost of care will generally have higher premiums.
  • Health status: Your overall health and any pre-existing conditions will also impact the cost of your premiums. Individuals with poor health or pre-existing conditions may be charged higher premiums or denied coverage altogether.
  • Location: The cost of long-term care services varies based on location, and insurance premiums will reflect these differences.
  • Insurance company: The financial stability and reputation of the insurance company, as well as their claims handling and customer service, can also impact the cost of premiums.

What Are The Key Factors To Consider When Purchasing The Best Long-Term Care Insurance Policy?

When purchasing insurance, there are several key factors to consider to ensure that you choose the best policy for your needs:

  • Age and Health: The older you are and the less healthy when you purchase a policy, the higher your premiums will be. It is best to purchase a policy while you are young and healthy.
  • Coverage Amount: Decide how much coverage you need to ensure that you are adequately covered for your long-term care expenses. Consider your current assets, income, and future expenses when determining the right amount of coverage.
  • Elimination Period: You must pay for your care before the policy benefits kick in. The longer the elimination period, the lower the premium, but the more out-of-pocket expenses you will have.
  • Benefit Period: This is the length of time that the policy will pay benefits. Consider how long you need care and choose a benefit period to cover those needs.
  • Inflation ProtectionLong-term care costs are likely to increase over time, so choosing a policy with inflation protection is essential to ensure that your benefits keep pace with rising costs.
  • Premiums: Long-term care insurance premiums can be expensive, so consider the cost and the options for paying the premiums, such as a single premium, a level premium, or a flexible premium.
The Key Factors To Consider When Purchasing The Best Long-Term Care Insurance Policy

What Are The Most Common Long-Term Care Services Covered By Insurance Policies?

The most common long-term care services covered by insurance policies typically include:

  • In-home care: Assistance with activities of daily living, such as bathing, dressing, and eating, provided in the individual’s home.
  • Assisted living facility: Supervised care in a residential setting for individuals who need assistance with daily activities but do not require 24-hour medical supervision.
  • Nursing home care: 24-hour medical supervision and care in a facility for individuals who require a high level of assistance with daily activities.
  • Hospice careEnd-of-life care provided in a hospice or nursing facility or the individual’s home.
  • Respite careTemporary care is provided to give the primary caregiver a break.
  • Adult day care: Supervised care and social activities provided in a daycare setting.
  • Home modifications: Modifications to the individual’s home to improve accessibility and safety, such as installing grab bars or a wheelchair ramp.
  • Medical equipment: The cost of medical equipment and supplies, such as a hospital bed or wheelchair.
Most Common Long-Term Care Facilities

What Is The Best Time To Start Investing In Long-Term Care Insurance?

The best time to start investing in long-term care insurance is generally when you are in your 50s or 60s, as this is typically when the premiums are lower and you are more likely to be in good health. However, the best time to invest in long-term care insurance will depend on your circumstances, such as age, health, and financial situation.

If you are in your 50s or 60s and in good health, now may be an excellent time to consider long-term care insurance. This is because the premiums for long-term care insurance are generally based on your age and health, and the older you are or the more health issues you have, the higher your premiums will be. If you wait until you are older or have more health issues, the premiums may be too expensive for you to afford.

When Should You Move Into A Long-Term Care Facility?

Deciding when to move into a long-term care facility is a personal decision that will depend on your individual needs and circumstances. However, here are a few factors to consider when deciding if it’s time to move into a long-term care facility:

  • Ability to perform activities of daily living: If you are unable to perform basic activities of daily living, such as bathing, dressing, and using the bathroom, you may want to consider a long-term care facility that can provide the necessary assistance.
  • Cognitive impairment: If you have a cognitive impairment, such as dementia or Alzheimer’s disease, you may benefit from the added supervision and support provided by a long-term care facility.
  • Safety: A long-term care facility may be safer if you cannot safely care for yourself at home due to mobility or other health problems.
  • Support: A long-term care facility may be a good option if you do not have family or friends nearby who can provide the necessary support and care.
  • Finances: Consider your financial situation and whether you can afford the cost of a long-term care facility. Long-term care insurance can help cover the cost of long-term care, but it’s essential to understand what is covered by your policy and what out-of-pocket expenses you may be responsible for.

Can Long-Term Care Insurance Be Combined With Other Insurance Policies Or Government Programs?

Long-term care insurance can be combined with other insurance policies and government programs to provide a comprehensive approach to paying for long-term care services. Some common ways to combine long-term care insurance with other insurance policies or government programs include:

  • Life insurance with long-term care riders: Some life insurance policies include long-term care coverage, allowing individuals to tap into their life insurance death benefit to pay for long-term care expenses.
  • Health insurance: Health insurance may provide limited coverage for certain long-term care services, such as rehabilitation after an injury or illness.
  • MedicaidMedicaid is a government-funded program that provides health insurance coverage for individuals with limited financial resources. Medicaid will cover long-term care services, but typically only after the individual has spent their assets to a certain level.
  • MedicareMedicare is a federal health insurance program for individuals 65 or older or with specific disabilities. Medicare does not cover most long-term care services but may cover some short-term rehabilitation services in a skilled nursing facility.
Long-Term Care Combined With Other Insurance Policies

How Often Should One Review Their Long-Term Care Plan To Ensure It Meets Their Needs?

It’s recommended to review your long-term care plan regularly, at least once a year, to ensure it continues to meet your needs and goals. The frequency of the review can depend on various factors, such as changes in your health, financial situation, or long-term care needs. Here are some key reasons why you should regularly review your long-term care plan:

  • Changes in health: If your health changes, you may need to adjust your long-term care plan to account for any increased care needs or decreased ability to care for yourself.
  • Changes in a financial situation: If your financial situation changes, you may need to adjust your long-term care plan to ensure you have enough resources to pay for long-term care expenses.
  • Changes in a family situation: If your family situation changes, such as the birth of a new child or the death of a spouse, you may need to adjust your long-term care plan to account for the impact on your care needs and financial resources.
  • Changes in long-term care options: The long-term care industry is constantly evolving, and new options and technologies may become available. Regularly reviewing your plan can help you stay up-to-date on the latest long-term care options and ensure you have a plan that meets your needs and goals.

Next Steps

If you are a retiree, it is essential to consider long-term care insurance while you are in good health and how much coverage you need. This type of medical insurance can provide peace of mind in knowing that you will be taken care of if you need long-term medical care. The Annuity Expert is a licensed long-term care insurance agency that can help you find the best policy for your needs. Request a quote today and let an LTC insurance agent help you get started on securing your future.

The Best Long Term Care Insurance

Request A Quote

Get help from a licensed insured agent. This service is free of charge.

Contact Us
First
Last

Frequently Asked Questions

Who pays the most for long-term care insurance?

Typically, older individuals pay more for long-term care insurance as the likelihood of needing care increases. However, premiums vary based on health status, coverage amount, and policy length.

What is the biggest drawback of long-term care insurance?

The biggest drawback of long-term care insurance is its cost, which can be expensive and increase with age. Some individuals may also not use the policy, making it a waste of money. Additionally, there is a risk that the insurance company may become insolvent, leaving policyholders without coverage.

What five factors should you consider when buying long-term care insurance?

When buying long-term care insurance, you should consider five factors: coverage, cost, age, health, and policy specifics.

What are the three types of long-term care insurance?

The three types of long-term care insurance include traditional, hybrid, and life insurance-based.

Is anyone still selling long-term care insurance in Washington state?

Yes, long-term care insurance is still being sold in Washington state.

What is the best candidate for LTC insurance?

Individuals in good health, in their mid-50s or older, with assets to protect.

What programs pay for most long-term care services?

Medicaid and Medicare programs pay the most for long-term care services.

Who bears the most significant cost for long-term care services?

Individuals, families.

Does Medicare pay for long-term care?

Medicare only pays for limited and short-term stays in a long-term care facility.

Does New York Life Insurance Company have long-term care insurance?

Yes, York Life offers long-term care insurance.

How do the benefits of long-term care insurance compare to life insurance benefits?

Life insurance provides a death benefit to beneficiaries, while long-term care insurance provides financial support for long-term care services.

What Is A Long-Term Care Policy’s Death Benefit?

Life insurance benefit paid upon death.

What are hybrid life insurance Policies?

A policy that offers a combination of life and long-term care insurance in one policy is also known as a “hybrid” policy.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

Scroll to Top